Because of its distributed and assumed trust nature there were no built in safeguards to combat spam. Over time spam increased, a tolerable amount at first. But, the problem grew until it killed the utility of the service.
The closest analogy to usenet today is Reddit. Where we've normalized spam into a tolerable number of advertisements. Where we've traded off distributed systems to a single corporate control. The distributed nature meant you had multiple competing clients, corporate control today means you access through whatever mechanism the company authorizes.
I miss usenet.