Whatever you want to call it, HN has followed a similar trend. It's rare to see the authors of small, but interesting/innovative, projects show up in the comments, surprised to see their work on the front page. That used to be common, even the default, if you look far enough back.
Now the front page is current events and marketing campaigns. I don't think I've seen a single software project here in the last year that wasn't already extremely popular, or being pushed by a company with a marketing budget.
In theory AI should have helped. I know people are still making cool stuff, faster now with AI, but it's harder and harder to find it.