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Libera and Rizon are still around, moderately lower in absolute numbers, drastically lower in percentage of total internet usage.
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I remember from the MUD era there was a paper (possibly by Richard Bartle) on the "MUD lifecycle", and how they tended to last on average two years before the operators got bored / burned out / the community left / there was an Incident.
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Someone showed me something about Old-School Runescape recently and it struck me how quickly the game evolved. I played it in high school for two years at most. If you rewind or fast-forward in two year increments at a time, a lot about the game is barely recognizable each time. I think if you rewound two years from my play time, there was unlimited free trade, no grand exchange, and two or three fewer skills, and if you fast-forwarded two years, you got unlimited free trade again and the Evolution of Combat. It really puts in perspective how the people who make games are not planning the perfect game and then spending 10 years building it (except for Jon Blow) - they're flying by the seat of their pants. Apparently in 2001, the game's creators expected that nobody would ever reach the maximum level in any skill.
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Oh yes, same for Warcraft, Ultima etc. Multiplayer games necessarily exist in a "dialogue" with their players. There's a tendency for players to optimize the fun out of games, as well. Someone discovers a dominant strategy, and then everyone feels they have to use it.

It is a bit risky, and I think the broader internet can make it worse. There's always the risk of a massive falling-out between players and developers which can sink the game. Latest example is probably the Love and Deepspace fiasco, but we've seen quite a few failed launches recently.

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The old net is still there to a degree, but we live in pre-Alta Vista times again. It is hard to find. (I know as I run an old-school Forum and RPG-Game for more than 20 years now.)
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