I agree that enshittification is a, well, shitty term, but I know obly it to describe the problem at hand.
Alternstives I think of are walled gardens, collapse of the internet as we know it, lockdown of social media sites, etc. - none of them all that simple and miss the point enshittification has.
Decay is a natural process however that just happens if you don’t stop it. I still think ‘enshittification’ fits it best because it implies a bit of intentionality on the part of the shittifiers.
The term is sticky (ewww) and I think we are stuck with it.
It's a good term, but so often people use it to mean "got bad" when Cory's definition was much more specific in regards to platforms abusing monopoly power on their users and businesses.