[citation needed]
Well here it is, and you're wrong: https://en.wikipedia.org/wiki/Wikipedia:Statistics
The article creation and edits curves are stable. The former growing at a slightly declining pace, which is expected since the amount of knowledge is finite. The latter is literally flat.
The monthly page views are in decline on mobile (from ~5.7 billions at the peak in 2024 to 4.5 billions currently). They are stable YoY on desktop at ~3.7 billions, and have been rising in the recent months.
StackOverflow is dead, the WP community is thriving, even if the page views have declined a bit.
SO had a moat because of its mass, but the place was a cesspool.
Not just because of that, but they also made the process of creating new articles very hostile.
Decades ago, when Wikipedia started, it was possible to create a short article, and as long as no one objected against it, it stayed there, and people could later expand it. That's what "wiki" was supposed to mean.
Today, you need to create an article in a separate "Draft" namespace, then a random Wikipedia editor will judge it, and if it is not perfect (e.g. does not have enough references), it cannot be published. And if you don't fix it by a certain date, it gets automatically deleted. (Rather than leaving it there for someone else to hopefully improve.)
I tried to make an article for an author whose books my kids liked. His books were translated to many languages, he won a few awards, and now some company has bought movie rights for the books. Alas, I have failed to establish notability sufficiently in my short article, so it was rejected. The editor didn't even have to argue that the author is not notable (which would be silly, a google search clearly shows otherwise), only that my article failed to establish it. So the official policy now kinda says that it is better to have no article rather than an imperfect one.
Well, I am not getting paid for producing perfect articles for Wikipedia, which means there is no way for me to contribute anymore. Too bad, I have created a few articles long ago.