This is a chilling outlook, but it looks very plausible.
The process has already started, the building blocks are in place. See the recent rise in public complaints about intense scraper activity. Zero-Click has become all but inescapable, and is going to capture an ever-growing share of searches.
Still, any paradigm shift also gives room for hope. There will be pitfalls for Moloch, they might just trip over their own ambitions. And maybe there will be opportunity for organic growth to take root in the cracks of their foundations.