The problem is that people are using their ad budget to compete with free content, but the free content is still going to be there it will just appear higher up in the search results if various bad actors aren't paying for a bunch of SEO.
Debatable.
For tech content this might be true but for general news, investigative journalism, reporters, etc. that probably won't be the case as the activity itself implies fixed costs.
You can see how well donation links work on content sites and open source projects for proof.
On the other hand, a whole lot of recycled content mills where all the $0.05/paragraph contract writers are about to be replaced by GPT-4 probably would.