This can also be attributed to enshittification. Restauranteurs and bar owners found that noisier places increase turnover and cause people to drink more.
On the other hand I've been in one or two restaurants with really good acoustics. You could easily have a conversation in those even at the busiest of times. If there's no reverb your voice doesn't bounce all around the room. Your table can hear you perfectly fine, but you're basically inaudible to someone a few tables over. The background noise sounds like a pleasant murmur instead of a loud cacophony.