You can't blame VCs entirely for enshittification. They are just a symptom.
The problem goes beyond "capitalism bad".
The problem is that there's more debt in the world than money. So long as there's more debt, there will be demand for more money. Companies will take on bigger and bigger risk to satisfy debt.
At some point money can't satisfy debt. This inevitably triggers a big crunch when the conflict between debt and assets cannot be resolved.
So what happens? Companies do more desperate things to wring every bit of monetization, hoping to satisfy both stockholders and debtholders. They have to do this fast because stockholders demand ROI while debtholders seek to collect on their loans.
Inevitably, this means that short term profit-seeking drives away long term potential.
Now why is enshittification so particularly bad at this moment? Interest rates are high. This means debt has become more expensive -- it's the most expensive it's been in 23 years.