Yes pardon me I left off the word “largely” before “unmoderated.” We all knew it was possible, but it didn’t matter because, as you point out - nobody really did.

Google buying Dejanews, the largest archive of all messages, and merging it with the travesty that was (and still is) Google Groups just about killed the whole thing.

Well that and the fact that it was unmoderated which eventually led to it being populated almost exclusively with mentally ill troll savants. USENET by the end was the digital equivalent of a horror zoo of abused monkeys slinging shit all over everyone and themselves.