Since the 1970s, we've seen elective decline in the U.S., in science, and in technology. Abstractly people want scientific progress, but no one wants to pay for it, and people within the masses would rather be guided by their resentment of academics than fight back when academic or research jobs get cut. When state legislatures cut funding for public universities, the hoi polloi don't care because their resentment for professors is stronger than their sense of a need to keep up the society.
One might hope for Silicon Valley to be better, and look to it for leadership, and it may have kept its integrity for longer, but the current "M&A has replaced R&D" era is just fucking disgusting. It's easy to focus the hatred on a few unlikeable celebrity founders (and I've done my share of that) but the truth is that the problem is really deep and probably unalterable. We have a front-row seat, if we work in science and technology in the U.S., for elective decline-- why it happens, the individual actors who push it forward (not wanting decline, but valuing self-interest more), and the often one-way erosion of trust that tends to make it irreversible-- but we have no power to change it. And, just as one might read about a civilization that collapsed 3,000 years ago and think, "They would have been fine if they just <X>", we can easily come up with solutions that will work but never see implementation, because (as seems to be a constant of human organizations) the wrong people are in charge.