I've had an account on LinkedIn basically since it was available to the public. I stripped my account bare years ago and never use it for anything. I log in about once per year to check privacy type settings and maybe change a password.
From my observation, LinkedIn has had three relatively distinct eras for the product.
In the early days it was very simple work & business networking, as you'd expect it to be. A profile + connection between people.
Then it tried to evolve into a more general purpose tool, including publishing content, some communication, etc.
Then having fully captured its market, and with limited upside growth potential on users, it went full spam abuse engine. They kept ratcheting up the user monetization focus regardless of the damage to the product quality, and it has never turned back from that path.
I think LinkedIn is a social hole, where people deposit an account and information out of perceived necessity, and then rarely engage the product again until they change or update their job situation. There appears to be a shield of social-work pressure that keeps it alive and updating. People use it, so people use it. The value proposition certainly appears to be mediocre over time. I've known very, very few people that have gotten much value from it, yet almost everyone I know (that is non-retired) keeps and maintains a profile at a minimum level.
I suspect now that social media has reached a point in the last ~5 years of all-connected status (just speaking of the US here), it's going to become increasingly socially acceptable to quit platforms that were previously regarded as necessary. More and more people will experiment with rejecting the pressure that has been maintaining these networks artificially. I've seen that happen increasingly on Facebook, and LinkedIn often seems to be a graveyard these days.
I don't see where LinkedIn can go from here, in terms of increasing its value to people. They're very clearly not going to return the product to a less annoying, basic use case that sparked the user build-out in the first place. They may find a few more clever ways to monetize their hostages though.