The predatory cesspit has always been there. It just moves every few decades. That moving process always looks like what the author outlined here.

New technology emerges. It's first few years are innocent. Then, someone discovers how to con people at scale with it and gets stupidly rich. Then the copycats emerge. Then it gets enshittified until there's nothing left.

It happened with land, medicine, books, steam engines, looms, radio, and TV. It was only a matter of time before it came for the Internet and smartphones. It's happening at plaid speed with AI even.

(Medical grift in particular is an ancient business. Countless fortunes were made selling placebos (or worse!) that claimed to cure literally everything.)