Are you saying that the decline of SO can be explained by that and not AI?
I don't buy it.
I personally left SO because I felt moderation had become toxic, and that was before AI. And I was relatively active, like in the top 5%.
How eager people are to find something better IS a factor in the decline of websites/businesses. Not just that there is something better that exists.
See the decline of the graph even before the spring of ’22?
People were willing to put up with SO in the before times, nobody was excited to ask a question, it was a dreadful experience. It was their UX that doomed them immediately. Reddit and HN are still here after all.