You argue about the number of users and present data about the number of questions. That is not the same. Is there a proportionality between the two? If so, is it constant over time.
Okay, I agree that a ten times decrease probably means that much less users ask new questions. But what about the users that only read questions and do not ask questions, because they don't need to, because somebody else already asked them. Have they decreased too? In the same way, i.e. also tenfold decrease? I don't think so.
Sorry, I do not have ways to tell you where the users went, neither cross-site tracking nor surveys. Maybe the company has (or Google), but this knowledge might not be publicly available.
I agree with your possible options. I think they all make sense and likely it's a mixture of them all. However, the exact proportions might remain unknown.
It's partly AI because there is an increase since 2022, but it's not only AI because the demise started much earlier (2018). And AI should not forget that it's based on human generated content, not the other way around. AI may cut off the basis it's standing on.
It's surely some saturation because you can't ask the same questions multiple times (without us noticing). If you look at the most often visited questions they are probably quite old. Low hanging fruits and all that. But Wikipedia should have the same effect and Wikipedia is still growing, while for us the slowdown seems stronger. My gut feeling would be that we haven't yet finished the mission, that the available knowledge is much bigger than what is contained in the data dumps and there are millions and millions of questions that could and should still be asked. Only we have not many people currently to ask them.
It might be other sites (Reddit, GitHub, Codidact, ..) but also only to some extent. Younger colleagues of me seem to not be so keen on SE anymore, they seem to... like to go back to forums, where you get help without voting or closing but also without the quality content from here. It's just anecdotal, so might not be significant and I don't understand it either. I would prefer SE any day.
Now what we could do about it? How much needs to be done about it? If for example the mission is accomplished, nothing would need to be done. I don't think it is, so I would like to SE to continue.
And I think SE is on a good way with improved chat, articles, discussions, comment threads, games, staging ground, ... The real problem is that it's 10 years too late. Any new feature will only be used by so many fewer people, it's hardly worth developing them. 10 years earlier, it might have been a game changer, but the past success made everyone complacent for too long. That often happens. SE might simply not be the best anymore.
I don't think much more can or should be done. Already so much is done. Let's see how the integration of new features looks when it is finished. Apart from this I would only recommend a bit more friendliness. Obviously we need to court question askers more with the increased competition, if we want to keep them. That might feel difficult for some, but I would sell it as a cultural thing: be nice, assume good intent, forgive mistakes, collaborate to polish content together and gradually. A bit like when a new site starts. And that's what we would do: restart SE with a better experience for everyone.
For me personally: it's a mixture of most of the time I find the solution here already, some of the time AI helps me and solves my problem and in the remaining cases I know how to ask a question here but I had many years training. Others may not. No idea what they do instead. Maybe they don't have a good place to ask currently?