(The phone-vs-computer element also can't be discounted - it's much, much harder to do in-depth long form discussion on a smartphone. Input is a hassle, and doing a bunch of research is extremely annoying when you can't open multiple windows and an editor.)
After 2023 or so, a new problem popped up: posters would read a chapter, hallucinate a series of events that never happened, get mad about what they thought they had read, and then attack the author! Arguments born from a complete lack of reading comprehension were breaking out in all the busiest story threads, with waves of reports every time a new chapter was published. It would not be an exaggeration to say that the average IQ of the board had dropped 20 points.
There was also the monetization aspect to consider; fanfiction used to be by fans, for fans - the work of amateurs, in every sense of the word (amātōrem, 'lover'). While that certainly didn't mean everything was /good/, it at least meant it was a work born of genuine passion. The new authors treated it like a business, churning out updates every week and advertising to readers that they could read several chapters ahead on their patreon. Without even touching the ethics of the matter, you can imagine how the incentives changed the output.