It’s pretty clear that the sound has faded a lot as alternative stations are increasing the amount of alternative rock and pop-punk currents on the airwaves. If you go back you notice that indie was starting to fade as far back as 2017, though. Originally the format tried to replace the indie music with alternative pop; but as that seems to not be working they’re going back to basics.
It’s quite possible that the realities of adulthood hit the hipsters hard, as did the pandemic, but I think it’s simply a matter of hipsters just lacking buying power, especially now. Hipster-aimed products are failing in many mediums, not just radio and music. The trend is shifting back closer to what we had in the 90’s and 00’s in terms of what’s cool and interesting.
The Lumineers, a key hipster band, recently released a lead single that is closer to Kings of Leon and Cage the Elephant than the hipster-friendly folk they made their names on. If that doesn’t tell you what’s going on with indie and hipster stuff I don’t know what will.