While you are correct in that there is less real (people generated or organic) online content available to index, I think the search engines do harbor some of the blame because they push the content that is profitable. One only need to look for product recommendations to see this. If you search for 'best waffle irons' you will only get SEO generated contented as it is more profitable. You have to explicitly add reddit to your search to get something resembling a real opinion.
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