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I honestly think that it might. The web wasn't exactly healthy before genAI. It wouldn't take that much.
Bring back UUCP distributed Usenet!
Wouldn't work. The problem isn't the transport or UI technologies. It's that the web stopped really being for people.
Interesting viewpoint. What do you think caused that?

If I start with your conclusion, then work backwards, I see AI/LLMs, monetization via ads (Google + ad tech), advertising corrupting the media it supports, SEO, search in general.

It became overly commercialized, so became primarily a way for companies to talk to people and other companies rather than people-to-people. Even social media, although it incorporates person-to-person communication, is mostly just the commercialization of it.

It's like we had a vibrant public square that was turned into a strip mall.

I suspect that we're mostly on the same page here.