As I see it, this is just an extra step in a long series of tools to just serve information more quickly. Search snippets for search results have always (?) been displayed for each link/page returned. If the information you were looking for was included in those snippets, then you wouldn't need to visit the actual site.
Then at some point there were knowledge cards/panels. Again, if the information you were looking for was in those cards/panels, then you didn't need to click on the links.
Now with LLMs/Gemini, the information is sometimes summarized at the top of the page. You need even less to visit the search results.
Google has always been a kind of cache for the Internet. It's just way more efficient at extracting and displaying information from that cache now.
So, yes, traffic keeps going down. But new knowledge will still need to be produced, right?