What you really just lose is patience for BS :)
Sure, yeah, you lose 10% of your raw intellect if you stay healthy[1]. You probably more than make up for it in experience and wisdom. But hell the thing that demotivates me is the recycled insanity of large organizations, egotistical tech executives, hype cycles, and all the other BS. Eventually you can learn to laugh it off, but you don't take it as seriously as you did when you're younger. It motivates you less. You stay focused on what interests you outside of whatever external factors happen.
For some, of course though, this just leads to burnout on the whole field. Seeing one dumb hype cycle after another, with self-described visionaries chasing trends, rather than defining them, heartlessly laying off staff, etc, even when profitable. Its enough to drive you crazy if you let it.