Here's what happened speaking as someone who worked for 3 adult companies that were all bought by manwin/pornhub.

They bought out too many companies that hosted user generated porn/"reality" porn and couldn't/didn't do anything with it.

Take Pink Visual/Twistys for example. a good 10 years or so ago they bought them (I was working there) Now the only thing Twistys had going for it was A. the actual Twisty brand which was like a B or C tier Playboy and B. it's user generated sites (GayTube, SexTube, TrannyTube, etc) and arguably Gaytube was in the later stages of the companies life making the money. It was all user and affiliated submitted content that had to be manually moderated (that was me) in order to go up on the site. Yes I saw/reported a lot of underage content but overall the majority was consenting adults and there was A LOT of it. Side note you know the video of the guy that sticks the jar up his ass and it doesn't go well? we got that first and I denied it buttttttttt I did send it along to some "other" sites. you're welcome.

Every "user" site was moderated by at least 2 people. each one. When manwin bought us they didn't bother with that and got their asses nailed for it. SO instead of using moderators to view all the content submitted they decided to just not allow any of it unless it was from a studio. the problem with that? they pretty much bought all the studios and promptly either relocated them or shut them down. This is what happened to another company I worked for, Digital Pink. They did "reality porn" like Wife Swap, College Orgy Party or whatever it was called, and a shit ton more I can't remember. We also ran a massive and very successful affiliate program called Topbucks. Manwin buys the company and again doesn't do anything with it. all that content goes bye bye. And because there's no content the affiliates aren't making money so all those smaller niche sites also go bye bye.

The lack of content as you've clearly seen is their own doing. A handful of content studios remain and all those creators that were submitting their own stuff to us have gone else where be it onlyfans or simply putting up their own crap somewhere. the ONE company that has been around longer than any of it and STILL hasn't sold to Manwin/Pornhub and is all amateur created content is Southern-Charms but...yeah you'll be hard pressed to find a "looker" on that site.

Manwin became a sort of monopoly for porn. They just didn't do anything with the shit they bought and now after all these years they're starting to hurt. They won't be around much longer.

They were caught out hosting non-consential and underage material, and so made a blanket ban of any material other than verified creators.

Its because PH sanatized the site because of all the alleged pedophilia/ SA videos. i think some other sites have captured the old PH in various videos on thier categories. ironically, PH stored the tumbler after thier porn purge, and now PH purged thier own "unprofessional porn" largely is scattered in other obscure sites includes pirated some OF VIDEOS.. Xvideo was the closest thing to orignal PH, and then theres others with some of the old PH videos.