I hate it when I’m in a meeting and it ends up a conversation between two people. It’s stressful if you have an expectation to get something done but also an expectation to sit in a meeting you realize really doesn’t pertain to you.
Outside of some special cases (e.g. the Federal Reserve), they're specifically meant to reflect conclusions, not the full course of discussion. Back-and-forth that reaches an answer isn't needed, and a debate that ends unresolved would just read as a summary of the positions. That way, you can invite the people who need to speak in a meeting, while anyone who just needs to be informed about the result can catch up from a shorter, async source.
It seems like easy video recording and calling have been one reason for the decline - minutes were handy if someone couldn't make the meeting, but now they can dial in or watch it afterwards. That's great for not having to create a summary, but I think it loses much of the value of a concise, written record of what happened.
Working on a small team at my current company I don't have this issue at all. I remember when working at IBM that was my main gripe.