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It’s more like, millennials got older and started drinking less (as happens), and Gen Z drinks different things like hard seltzer, and also drinks a bit less overall. Plus there were just way too many craft brewers making hoppy ipa to begin with.
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Unfortunately, hoppy IPA seems to constitute the majority of the survivors. I have no interest personally in suffering through another hazy sour grapefruit triple ipa, but that seems to be about 90% of craft brewery output these days.
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40% of the US population is older than 45, and millenial includes < 50th percentile.

We're also talking about alcohol consumption. Only half of Gen Z can drink and none of Alpha.

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