I disagree. In the long run there was never a way for individual hosts to compete with hotels on price. Hotels have economy of scale so of course they are going to be better bang for the buck in places where both are options.

I think airbnb is still the better option in many situations - such as when you are willing to pay a premium to be in nature or you going on vacation with 6+ people.

I don't really see how better tech would ever prevent this outcome. Perhaps this disappointing in terms of continual growth, but I think it was inevitable and still provides a good path for the company to be uniquely useful.