I look at the Internet and its 'decay' of community in a similar way to real life. We do move on eventually. We may not have grown bored and tired, but perhaps some other part of our lives just filled that space instead. Some other hobby. Some new connections with family members or loved ones, or just new friends.
I think that is what happened to me too, where the Hive community I had dried up, and I just couldn't find myself to care to work myself to the bone to revive it. After all, if others moved on, why shouldn't I accept it and also move on to something I feel is more worthy of my effort and time? Like those around me. Or the photography.
Even if we do that, it's easy to sometimes fall into the nostalgia and think of those more 'simple' and energetic times, even if they aren't too different to some other parts of our lives now.
The Internet has definitely grown more thin in some ways. It does feel like community is purely driven by algorithms and people just pursuing followers and likes. But on the other hand I think this also pushes people into wanting to find more real engagements with people, getting outside and finding those physical communities to replace it.