Exactly. It's just making changes to comply with whatever is fashionable at the time. Utterly pointless and annoying crap.
Extra tragedy here is that people now live in software and so most people have to live in this stupidity.
My theory is these designers dont have family members or they dont care about them.
Or they don't have family members with bad eyesight.
Or they actually do have family members with bad eyesight, but those are not active smartphone users.
Or they actually do have family members that both have bad eyesight and are active smartphone users, but they take the advice to simply buy a device a mobile device with a larger screen.
Empty space is very much a good thing, we crammed things together in the past because we had no other choice, not because it was very legible.
Today, with invisible scroll bars, it's not at all unreasonable for someone to be oblivious to the offscreen content; but even making them always-visible isn't enough, as my dad demonstrated by taking 3 years of home internet to realise Google search results were not just limited to the first three that just happened to be at the top of the page.
He'd retired a few years earlier, having been working as a software developer since approximately when that became a new idea in the UK private sector, back when punched cards wasn't a cute retro reconstruction.