We've seen this happen in multiple categories now.

As @HCWeiss articulated so well back in 2017:

When everyone puts their marketing on steroids, it burns out the customer. 🔥😫

You can't inundate people with funnels (and invade their privacy) forever:

https://startupsventurecapital.com/8-observations-from-a-crumbling-niche-and-how-to-avoid-getting-crushed-6a7e6b2512e5