Quite the opposite. It's never been more true. I'm not saying using LLMs for search is better, but as it stands right now, SEO spammers have beat Google, since whatever you search for, the majority of results are AI slop.
Their increased revenue probably comes down to the fact that they no longer show any search results in the first screenful at all for mobile and they've worked hard to make ads indistinguishable from real results at a quick glance for the average user. And it's not like there exists a better alternative. Search in general sucks due to SEO.