The mystery to me is why this group of early web pioneers thought it could be any different.
Enshitification isn't new, it's not even different from "making money and maximizing the bottom line". Capitalism is creative destruction driven by distributed profit seeking along the edges of relatively immobile statist and corporate oligopolistic structures.
This always involves cycles of enshitification that end in bottom feeding until extinguished by new techno-social revolutions.
GenXers were talking about the enshitification of main street with the spread of big box stores and malls in the 80s and 90s. Same system, same process, new generation.