"We successfully competed against piracy and drove it to near-extinction, but now that we're enshittified we can't compete with piracy while continuing to make the obscene amounts of money that we want to make"
It's not just the enshittification of their own service; it's the fact that so many audios decided to pull their content and set up their own enshittified services.
Now, if I want to watch stuff legally, I have to have a bunch of subscriptions, and we're back to where we started from.