I'd go as far to guess that the tech-literate people (who would be both less susceptible to clicking on enshitified links and more likely to report or discuss them) have, somewhere in their tracked-data-portfolio, a "don't serve too much garbage to this person, they aren't gullible and they'll tell people we're serving garbage" setting.

Apologies for the weird grammar.

It's certainly possible, and maybe not even maliciously: Advertisers are refining their targeting to get clicks, the best advertisers will only annoy people likely to click an ad. The problem with giant algorithmic platforms is often things go off the rails simply due to nobody at the helm understanding what the platform is doing anymore.