Instead of a rich interaction forum, it became a gamified version of Appease The Asshole. I stopped playing when I realized I’d rather be doing almost anything else with my free time.
For me, SO is a proof that communities need a BDFL with a vision for how they should run, who is empowered to say “I appreciate your efforts but this isn’t how we want to do things here” and veto the ruiners. Otherwise you inevitably seem to end up with a self-elected bureaucracy that exists to keep itself in place, all else be damned.
(Bringing it back to a local example, I can’t imagine HN without dang and the new mods. Actually, I guess I can: it would look a lot like Reddit, which is fine if that’s what you’re into, but I vastly prefer the quality of conversation here, thanks.)