Discovery moved from the index to inference
Search did not simply get worse. It failed twice at once. On the supply side, the marginal cost of content hit zero and the index filled with plausible filler, then answer panels took the click from whatever still ranked. On the demand side, the question "which tool should I use for this" increasingly gets asked of a model rather than a search box.
So the ranking game has been replaced by a citation game. What lands in a model's answer is what humans said about you in places models read: forum threads, video, repositories, actual coverage. Your own marketing copy is the one input that no longer counts.
The vaporware plus waitlist plus Stripe link routine died of the same disease. A landing page is now the cheapest artefact in existence, so it transmits no information about whether anything is behind it. When the artefact is free, evidence becomes the scarce good.