Really interesting read!
I still think they have a great opportunity to turn it around but they refuse to make the necessary changes. The fact of the matter is, they still own the attention which is the main asset. Where they f*** up is by selling that attention to advertisers rather than using it as a gateway to their own monetization platform.
They need to realize that their search dominance is the first tier in their funnel of monetization. However, I don’t see them making the changes they need to make, so at this point I agree with you. The foundation of their empire is crumbling from beneath them.