What's different this time around is that it's much more _answers_ focused than _search_ focused, and it's not a smaller competitor coming in to try and play the same game, but a whole new thing.
PG invested in Phind explicitly with the notion that "our kids aren't going to know what a search results page is" - https://www.youtube.com/watch?v=z1rHPFiY6FA
AI services like ChatGPT are already cannibalizing search in certain areas (programming questions, knowledge questions, "what's the difference between" questions, etc) as they give objectively better answers without all the weird SEO and advertising cruft.
It's a wildly better experience searching for "traditional apple pie recipe" on ChatGPT than on Google due to the brutal amount of intrusive ads and over-optimization and the gap is just getting bigger.
Google can't meaningfully improve their search without killing their profits and growth numbers.
On the other side, we haven't even seen the real google killers arrive which are going to be in the form of better AI assistants (Siri, Alexa and Cortana that actually work).