What’s the real conspiracy behind 4chan being taken down?

Does anyone remember this meme from 2012 claiming to be the flow of Internet culture? Switch Twitter for Reddit, and you arguably have a similar chart, today (with some changes).

Have TikTok, Instagram and X replaced it in the 2020s? If X is now at the top of the waterfall in the US, this puts a government official in control of future content creation, LLM algorithm learning material and news flow.