I don't think it's enshittification in the sense that Doctorow coined the word.
I don't see YCombinator as having gone down a path of "create something to attract users, then they degrade that to for their "business customers", and finally degrade it further for users and business customers to maximize profits for YCombinator."
It was obvious (to anybody who put even the slightest thought into it) that Hacker News was always, from the very beginning, a way for YC to have access to "hackers" that they could feed into their startup accelerator and venture capital business. And I don't see any sign of that having changed, and certainly not in a way that's made it worse for users of HN. It is what it's always been. They've never tried to hide that.
What I do think has changed is me. And the "community" here over the years.
I'm way way less interested in GenAI and the LLM frenzy than most submitters (and I think commenters) here.
But that's not a new thing, I was never interested in NFTs or crypto/blockchain either. And not just the tech hype topics, I skip over things that just don't interest me at all, like Kubernetes or retro computing or language advocacy/wars.
I also have a (quite possibly wrong) view that as HN's user base has grown, there's a lower percentage of people here for the "hacker" discussions - which I define as the interesting technical stuff, whether computer related or not - and a higher percentage of people here for the latest tech fad or who are just here for the money, and hoping to get noticed by YC or founders, instead of being here out of pure intellectual curiosity.
I look at the https://news.ycombinator.com/leaders list, and I'd guess I recognise probably 1/3rd of the top 50 usernames there. (I have been here a while, since 2009.) I rarely notice those usernames these days, either because they've significantly slowed down in commenting, or perhaps because these days they're commenting in threads I don't open.
I 100% believe that for me, there was a higher signal to noise ratio for both discussions I'm interested in and discussions with people I recognise and respect, than there was 10 or 15 years ago. But I'm still here.