Updates to address EmmaBees comments:
the CEO shared a vision where “the high-quality Q&A lane” was a top priority, which suggests quality is important to the company.
The same CEO also had "visions" of AI enshittification and various other nonsensical things, and in general produced a lot of hot air and nothing of value from my PoV. Regardless of that, the actions of the company have mostly either shown a disregard for quality, or simply ignored the topic or handwaved it away, all in the name of improving engagement. So I would agree there's a disconnect "between what the company says are priorities vs how those priorities are being carried out in practice". And to put it more bluntly, I don't care what your CEO says and nowadays I don't even read the CEO blog posts because time and time again they turned out not to be worth my time (either it was just hot air from the outset or it turned out to be empty promises).
It seems to me that posting on Stack Overflow can feel daunting for both new users and experienced ones, and some people go out of their way to avoid posting at all. It makes me wonder how a knowledge base can best handle that kind of challenge
I do see that mostly as a feature, not a bug. As you say, SO is a knowledge base. It already contains a LOT of knowledge, and people asking questions which have no place in a high quality knowledge base is the biggest problem in terms of quality.
Some extremely basic questions can have a place here but many of the questions being asked in practice will never be relevant to anyone but the OP, and even OP might not care about the answer anymore tomorrow (think x/y problems, localized debugging questions, other brainfarts). Other questions have been asked literally thousands of times already in some variation and asking a new variant just shows that the person asking has neither a clue nor a willingness to google and no respect for other people's time either, e.g. Java NPE questions (almost all of them can be answered with "some object in your code is null and you try to do something with it, make sure the object is not-null before using it").
All that is to say, having friction for asking questions can be a good thing. IMO for basic questions, we need MORE friction, not less, because most new basic questions that hit the front page are not fit for inclusion in a knowledge repository.
I absolutely agree that “catering” by lowering standards isn’t the goal, and quality must remain priority.
That's great! Sadly you seem to have missed the last decade or so of SO history because throwing quality under the bus already happened, repeatedly, and was doubled down on. Looking at your account it seems you've only been here for a bit over two years so it's expected that you don't know the history, but that means you're missing 10+ years of context which I won't (and can't reasonably) summarize here. The company burned lots of goodwill and various other things such as the two most-respected CMs (Shog and John Ericson) in this time, and changed from a development and governance process that put community input front and center to a process that mostly treats the meta community as an afterthought and sometimes even as a hostile entity.
I guess overall this all boils down to different goals from the company and the community. Prosus bought SE for 1.8 billion dollars and of course they primarily care about getting a return on their investment, so they want more engagement, more ad impressions, change the ad policy to allow more obnoxious ads, push half-baked ideas like AI assistants or sponsored collectives, restrict the data dump to try to secure an "AI training data" revenue stream, and so on. Most of the community wants none of those things and at best tolerates them to some degree because they recognize the company needs to make money somewhere. So from that pov it's entirely expected that content quality is nowhere near the top of the priority list of upper management, even though that is probably short-sighted.