The big publishers were the first to really reject the "Links" page. If it's not a link to our content, or the content of our sister publications, then why should we include it? Instead, they threw their resources into optimizing their placement on search engines. This took the "web" and turned it closer towards a hub-and-spoke system, as smaller sites withered and died.
Now, people have found a way to retrieve various pieces of information they're looking for that doesn't involve a search engine. It may not be perfect (gluey pizza, anyone?) but objectively, it's certainly more efficient than a list of places that have used the same words that a person is searching for, and honestly probably at least "nearly-as" reliable as said list, because the average Joe Sixpack always has, and always will, be a lot better at asking a question and getting an answer than he will be at finding an answer to his question within the confines of a larger story.
This devastates the large publishers' traffic.
I'd come up with a conclusion here, but I'm too distracted wondering where I placed my violin. It's really small, it could probably be anywhere...