Yeah, it's similar, but not really that.

Bait and switch is more that the advertised value is never provided.

Enshittification is more of a specific process in which the value is actually initially provided to all parties. This is generally done at a loss to the company, which is well-funded.

When, as a result, the company obtains a monopoly or nearly so, it then begins to claw back all of the value for itself. First from the end user. Then from other partners (e.g. advertisers). The end result is a shitty experience for everyone but the now very profitable company, but by then there are limited options.

Of course, that's the simplified version. Doctorow goes into a lot more detail, claiming it's a frequently run playbook in the tech industry and offering many compelling examples.