Why „historically“?
But it got captured by slick dealmakers who managed to cop the hoodie aesthetic and youthful ambition vibe but were the same born-to-privilege punks that have always ruined everything good in computing eventually. Now its messaging is vibe code and gladhand and suck up to whichever political party won last. Its a more insular, more inbred, less substantial network of the "right" kinds of people than the Ivy League was when it stepped on the scene.
And there's nothing inevitable about it, no "big money always goes to shit" story here: its 4 or 5 key people who abruptly had a serious seat at the table and chose very fucking selfishly.
HN is still here geeking out and being a gem on the internet.