Then in 2016, John Giannandrea, an AI expert, took over. Since then, Google has increasingly relied on AI algorithms, which seem to work well enough for main-stream search queries. For highly specific search queries made by power users, however, these algorithms often fail to deliver useful results. My guess is that it is technically very difficult to adapt these new AI algorithms so that they also work well for that type of search queries.
While the old guard in Google's leadership had a genuine interest in developing a technically superior product, the current leaders are primarily concerned with making money. A well-functioning ranking algorithm is only one small part of the whole. As long as the search engine works well enough for the (money-making) main-stream searches, no one in Google's leadership perceives a problem.
Naturally, this would be a good time for a competitor to capture market share. Problem is, the infrastructure behind a search engine like Google is gigantic. A competitor would first have to cover all of the basic features that Google users are used to before they would be able to compete on better ranking algorithms.