It’s more like, millennials got older and started drinking less (as happens), and Gen Z drinks different things like hard seltzer, and also drinks a bit less overall. Plus there were just way too many craft brewers making hoppy ipa to begin with.

Unfortunately, hoppy IPA seems to constitute the majority of the survivors. I have no interest personally in suffering through another hazy sour grapefruit triple ipa, but that seems to be about 90% of craft brewery output these days.