As a relatively ancient gamer with fond memories of shareware, I think it was the right solution for that time, but the time has passed. Remember that with shareware, distribution was often literal “sharing” of physical copies - almost all shareware I played came from clones of friend’s 3.5inch floppies. If you liked the game enough you often
phoned the company to get the full game. This organic sharing process was critical to the shareware model at that time in an age when few household computers were connected to a network of any kind.
Now with widespread internet access shareware as physical distribution just doesn’t matter anymore, and we have a wealth of ways to determine if a game will be something you like - countless review sites, YouTube, Reddit, etc, etc.
Shareware arguably just doesn’t work all that well either in such a crowded modern gaming marketplace. There are thousands upon thousands of indie releases every year now, compared to the relatively trickle we got in the peak shareware days. With the extensive support tail modern software typically has (no more ship it and it’s done really, especially with network features...) the large number of players who would never upgrade to the paid version would still be a significant expense to support in many cases too. Commander Keen never had to worry himself with online cheat patches...
I think a much more convincing argument can be made that the shareware business evolved into the F2P nonsense we have now - it’s like shareware but without the hurdle of extracting money by a traditional up front price that better fits, rightly or wrongly, the current consumer expectations of software pricing.