Photography today, has "evolved" to a much much broader spectrum of images being used for differing purposes than in the past. I think it is clear that most of us here on this site are mostly interested in the narrower spectrum of the past, ie, highly detailed, long tonal ranged photos and equipment to make such photos. I know that is where I am.
But it is clear to me that most people who use cameras today are NOT in this same group. They want the "grab" photo for social media, emailing, etc. They want the bizarre images that shock the eyes for attention grabbing purposes (think of way, way over the top HDR, or ultra fuzzy, high contrast black and white pinhole-looking closeup images of dog's nostrils.....you know, a lot of what you saw the last time you looked at a photo arts magazine or went into a gallery showing "contemporary" images).
Those of us here have an ongoing interest in the equipment in hopes that it will help us produce a marginally better "technical" image or be more enjoyable to use. But for almost everyone else whose purposes are the grab or "contemporary art" type photo, the current equipment is MORE than adequate to do what is needed.
I think the industry is in the same place as the audio industry of 25 or so years ago. ie, technology and mass production reduced the cost and therefore, increased the capability of relatively low cost audio equipment to the point that the industry crashed because for 95+% of the market, the product was good enough and no upgrades were needed.
Brad