While I generally disagree this decision, I think you must understand also the other side of the story.
I remember a guy with 2000 comments, and I could not find a single one where he did not want to close, downvote a post, and punish its creator. His whole communication, from his first comment until the last, is that he wants to punish and harm others. I do not know that he had been ever punished for that. But by writing this post, I am now in risk.
I remember another guy with 100,000 downvotes and maybe some thousand ups. He kept a low profile, I found him with SEDE. I criticized him in a short comment. I have got a half year ban for that.
I remember a guy who alone voted a seventh of a whole meta site down.
I remember the guys, a lot, where I have checked their review history and they voted excluvely close, reject, "leave closed". Except the rare cases where it was an audit, where they should vote positively. Btw, nearly everyone among the avid reviewers are this type.
I remember as I did the opposite. I have got 1 year review ban for that.
I remember the numerous occasions, as a guy, whose - pretty on-topic - main site question was closed by a fake reason, and then he asked us on the meta, where to go further with it. And the treatment was 20 downs, closure and deletion.
However, guys simply unwilling to use capital letters or punctuations, are pretty fine. Pressurizing them to at least try to play not an functional illiterate, resulted warns, sometimes interventions. Somehow it was okay. Asking about anything what you disliked, that was, for example, "xy problem".
I remember also the incalculable amount of off-topic questions, which could have been migrated to better sites. You could have done it with some clicks. You did not. Many of you do not even understand, that content can be moved to other sites, instead of destroying it.
Quite honestly, it has never really worked. Social inertia kept the system together, and not your "curation". People were here, because this was the site, what they have found with google. Not because they had been happy, after you have killed their pretty fine and valid question with a trash reasoning.
I think I do not disclose a big secret, that they hate you for that. A million of people, many millions of people, active IT guys around the world, are currently actively hating you. If they see stack overflow, the first what they think, that you have killed their question. They never forget it.
The best way to piss of an IT guy, if you demonstrate for him, that he is bad in the IT. It is yet more worse, if you do it with an unfair reason.
By the way, the concept - community self-curation by automatically garanteed privileges - could work. The concept is very good in my opinion. The problem is only that having a good system is not enough.
If a lot of hostile and intelligent actors are actively gaming the system to cause the most possible harm, if some social mechanism is actively filtering for such actors and puts them in position, then it does not matter, how good the system is.
I think, now the company maximizes out what they can earn, then the curtain closes.
You can see everywhere in the stats, the degeneration started in 2014 and not in 2022.
Not the LLMs killed this business.
You killed it.