Things won’t return to the way it was.
I don't think that things should. That would be as absurd as insisting that people continue to use the Yellow Pages to look up businesses rather than using Bing.
(okay, cheap shot, but really...who uses Bing over Google?)
The question is...what are the people who used to do traditional live and local radio doing to stay relevant in this new era? Throw up your hands and say "it is what it is" and set about cutting budgets? Or seek out new talent and new ways to deliver that content to the audience? How does that work? That's something that "radio" needs to figure out.
Stepping out of the "radio" realm for a moment, I'm a car guy. I always poured over car magazines, watched shows like Motor Week on PBS, and when things started moving to online content, I went that way, too. Sure, I watched Top Gear and it's offshoot The Grand Tour - the big budget shows - but also followed folks on the YouTube making creative and original content.
Now, one of those YouTube channels I've been watching for years - Throttle House - has hit the big time. A couple guys based in Canada have not only built a solid online presence, but have been hired to replace a legacy car show as the new hosts of The Grand Tour on Amazon. They're really, really good. Are Thomas and James getting the same amount of money as Clarkson, May, and Hammond? No, but Jeff Bezos threw a crap load of money to get them and fund a season of their little YouTube show with a big budget.
Where is that happening in the radio space?
It's not...at least as far as I know. Some kid with a brilliant idea for a show will be offered a gig at iHeart where they make $38k a year to track 3 or 4 shows on a handful of stations, dutifully reading the modern equivalent of "liner cards" and hoping they can supplement their income with side gigs.
The budgets are being "adjusted" out of existence.