I get the frustration, but I don’t think it’s just “Google killing the web.”
What I’m seeing is more of a shift:
Informational traffic is dropping (AI overviews = more zero-click searches)
But intent-based traffic is still there, just harder to capture
AI overviews = more-zero click searches because google is re-writing and displaying web site / business created content on their own platform which ultimately results in less traffic / opportunities for the creators of the content to capture value from, and more opportunity for google to capture value from said content.
Informational and commercial intent based traffic are both still there, the shift is exactly what you describe. It is harder to capture, because google have made it harder to capture.
They have done this by displaying third party content on their own platform (AIO), increasing zero click searches and cluttering the SERPS with PAA, PASF, Find Products From Advertisers, alongside ADs.
This results in information that requires more effort to find, increasing both keyword search volume and AD impressions / clicks.
The SERPS, especially on mobile are extremely AD heavy, especially for anything commercial. Often 7 ads before you reach the majority of organic listings on mobile search and that's in addition to AIO, PASF, PAA, Find Products From Advertisers with one or two organics mixed in and two of these organic results are not even as big as ONE single Ad.
Depending on search term, their affiliate SERP features might also be present (Flights, Hotels, Shopping).
This leads to many businesses either laying staff off, shutting shop, spending heavily on ADS often with diminishing ROI and passing the increased cost to consumers.
At any point relying on google for traffic is extremely risky, unless you have the budget to buy a steady stream of traffic from them and unfortunately they control 90% or so of online information discovery worldwide.