Unfortunately this is legit. Pretty much every democracy index such as the EIU’s find similar results, with democracy peaking somewhere between on or two decades ago, and consistently deteriorating since. I wrote my bachelors thesis (a decent while ago) about this very phenomenon. (Democratic backsliding).
I think the big thing we're all worrying about is whether this is a blip, or this is a French-revolution-style turning point. At least, that's where my mind goes. It sounds like you're qualified to help clear it up a bit.
People are willing to vote for someone, anyone, who promises to make things better because they're tired of bootlicking milquetoast corporatists that'll give a tax break to a billionaire but will charge you user fees for breathing.
We need to vote for politicians that will actually improve things, instead of either rainbow-bench-painting wage-thieves or protofascist grifters.
Saying "broke" implies that liberal democracy previously worked, but now doesn't. I doubt that's what you meant. The two main camps are that it still works, albeit less, and that it never worked, and either there never was a democracy or the USSR was the real democracy.
What happens when democracy itself becomes a partisan issue? What happens when Democratic Values don't correspond with continuous economic growth (or, at least, the appearance of it as reported by your news outlet of choice)? What happens when democracy becomes unpopular and demagogues are seen as a social good?
It's a paradox of sorts. If a savvy enough media campaign or a cynical set of bureaucrats can turn people against the mechanisms of self-representation, how can a democracy survive?
There is a correlation but please don't draw the same conclusion as that one weird guy who has 12 children and ran out of pronounceable names that include his favorite letter.
It would make total sense if changing the way we communicate causes a change in which social structures work, but the first theories about it (radicalising echo chambers) turned out to be empirically wrong. Now there's new theories that connect the two, but on the other hand this isn't the first episode of democratic backsliding, so it's possible they're not connected at all, or only mildly connected.