I would say the latter. For software dev questions, my Google searches and Stack Overflow visits have fallen off a cliff since I started paying for ChatGPT.
Ironically, I probably would have paid the same amount to Google for ad-free, old-style (accurate) Google searches, but no, they just wanted to keep cranking that ad dial up every year so that ship has sailed.
At this point, I'm enjoying watching the old guard of search scrambling to find a life jacket.
Stackoverflow visits fell[1] off a cliff since GPT became popular.
Google is getting destroyed by the chatbot workflow because it is no longer the start of a browser session and clickthrus (the things that earn the high sponsored link rates) are falling as more users get their queries answered faster with less effort.
[1] https://x.com/altimor/status/1853893158368928124?s=46