[xp84]

They probably didn't lose their way, so much as they slowly became less effective at combatting the exploits of black-hat SEO and the massive amount of complete garbage content farms out there, while simultaneously they have allowed the ad business to corrupt them completely, which deincentivizes them from showing good organic results because they sell more ads when it's hard to find the obvious things people want.

Your hypothesis on performance is interesting! I think someone altruistic thought "if we judge sites on this metric, everyone will be forced to do better" but they failed to realize that it's a hard problem at scale to NOT be a bloated mess (especially on the frontend! 'Let's add one more UI library, it's just 12MB!')