You delivered some good points. I also work with publishers.
Ad blockers have had an impact, but I think the bigger driver is that premium demand has migrated spending to connected TV (CTV, showing ads on an Internet connected large screen). Publishers just don’t get the rates they used to for web and mobile inventory, even if they’re doing everything right.
I think when another trendy channel like AI ads straight to your brain or whatever pops up we will see another migration.
Feel free to correct me as I see other comments saying the same thing, but I don’t believe Google wants you to spend a lot of time reviewing a specific search result.
They don’t have refreshing display or video ads where time on site really makes a difference. They want you to click on a sponsored result, which is a paid action worth way more than a viewed impression.