Seems right. In my and my close friends/family experience it’s all the same - all the cool/interesting people stopped posting many years ago and with each one, more and more followed them or got bored and stopped going. Now it’s just the dorks posting stale memes or boring updates. I haven’t posted anything actively for many years now but still check it now and then and shake my head.

I think it started a slow bleed when they removed the chronological view. After that it became “evil” and not about social connection anymore. No longer was my post being seen by my friends unless the algo thought it was saucy enough. It was a great business but I dont think you’ll ever get the people who are fed up to come back.