I mean... maybe, but not really. The first problem of the internet was that there wasn't that much content specifically. The first internet companies were the broadband providers who were developing content themselves, like AOL.
Google and the ad ecosystem they acquired was basically the flywheel that spurred content creation at scale. Anyone could jump in, follow a few guidelines and earn a living by producing content on the internet. The Youtube acquisition and monetization followed the same pattern.
Over time the market consolidated and got less and less competitive: less platforms with complete control of traffic and one-sided revenue sharing agreements. The guidelines so to speak on how content should look and feel like were algorithmically made stricter and stricter until everything looks, feels, sounds and reads the same.
The problem right now is that the platforms are still tightening their grip, and it's all tied to the approach of using AI to replace the content creators on the platforms from Google to Spotify to Meta, and carving the spared money to shareholders. And while the web has been shitty for a few years now, we're now seeing a sudden drop in quality because the average user has no recourse or alternative, and neither does the average creator have the means of distribution and monetization (not just publishing, that's been solved) to even find, let alone meet the new kinds of demand.
I'm certain that in a few years this will even out: new search engines, new aggregators and new feeds will emerge, but the content - money - network problem triangle remains as a fundamental problem of the internet.