Well, people love podcasts so it promised to be a more informal podcast platform with user participation and no built in recording. It got hyped by artificial scarcity (the invitation system) and by celebrities dropping in (it's like a dinner party with Elon yay). It was never that good in the first place, just people from the outside feeling the fomo. And then the floodgates open and the scummy parts of society dropped in, mostly fuelled by the ephemeral aspect of the discussions: crypto scams, made up entrepreneurs with no product, hate speech of all shapes and color. It basically turned into 4chan. And then ofcourse the big names abandoned ship.