As always, "the internet" here means "the six biggest websites".

The small web still exists, largely exactly the same as it always has. It's just not linked on reddit/Facebook/google/etc.

The old internet is still there, it's just buried by miles of corporate excrement. If you go looking you'll find neat weird blogs, message boards and forums, honest-to-god webrings, and more.

The internet as a whole isn't shit, the six biggest websites owned by rich megalomaniacal assholes are shit. Those same assholes would also really like you to believe that the entire internet consists of their six websites and literally nothing else.