What does 'enshittification', Australian dictionary's word of the year mean?

Australia's National Dictionary Macquarie picked 'enshittification' as its 2024 word of the year. It refers to "gradual deterioration of a service or product brought about by a reduction in the quality of service provided, especially of an online platform, and as a consequence of profit-seeking". "It captures what many of us feel is happening to the world," selection committee said.