It's like spunkgargleweewee. It seems immature and makes me feel more dismissive towards the argument. Maybe that also has to do with it being a catch all term and people seem less willing to give specific examples of how things are declining in quality.
I believe the term originated with Yahtzee during the military and tactical shooter crazy in the 2010s. It referred to games that paraded players through various spectacles and rooms full of chest high walls, until enough time had passed to call it a campaign.
Because there was no /s - no they didn't, it's been around for a little while now. It basically means products or services slowly getting worse rather than better - such as adding ads, adding useless or broken ai to everything, switching to a subscription without adding any actual value. This is almost always done in the interest of maximizing profit as much as possible, at the expense of the users (monetarily and experience wise). Basically, see any major company decisions in the last several years, especially at companies with very large audiences (Amazon, Microsoft, Google, Airbnb, Facebook, etc)
Since we're talking about it, and I really like the guy's work, I figured I should say who coined it! Author, Cory Doctorow! He has a blog where he (among all the other stuff he writes about) defined the word, and wrote several articles about it.
Writer Cory Doctorow coined the neologism "enshittification" in November 2022, though he was not the first to describe and label the concept.[1][2] The American Dialect Society selected it as its 2023 Word of the Year.