My comment was on the historical status of academia in the US as a whole (think last 120 years), not just the current state globally.
You’re lamenting the quality of academic publishing in particular. The US now publishes less than 17% of science and engineering papers, but its papers are often the most highly cited. So yes, there has been a huge increase in the number of papers, and number of low-quality papers, but this isn’t necessarily being driven by the US, as the original comment would have implied.
You claim researchers don’t really trust articles anymore, and I agree that it takes a lot more work to filter out the noise now, and I’m less optimistic that authors are presenting an honest, objective appraisal of their results. But significant research is still happening, and academic publishing is still the primary way that information is disseminated. People seem to rely more on name recognition (author, school, journal) now. It probably varies field but field. I’m in a field where results are often proof-based and that tends to be harder to fake.