I'm of the opinion that both are true for different reasons.
First there is a certain fatigue with social media, I would say that social media per se are falling out of fashion (due to many reasons beyond the scope of this post). The social media is mainly failing because of bad Algorithmic feeds, but algorithmic feeds aren't AI. There's many things that many people are trying out as an alternative to social media; some to the point of ressurecting the Personal Websites and Link-Rings (as their methods to not participate in the "big tech sh*tshow").
Second there's a strong dislike for AI among many people and many CEO presenting it/ expection godlike results from it.
What I personally believe that many people mistake the correlations of theese two things as causation. Yes, they both suck, yes both is happening at the same time, but one has not caused the other.