I disagree on “noticeably worse,” but I bolded that second sentence because that’s very much missing from most analyses of the current state of skating. I could tl;dr on why advantages like those the US women enjoyed through its “peak” in women’s skating were unlikely to last and matched by weaknesses elsewhere, but I’m going to try to save my teal deer for only one thread.

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The US was very good at finding and training high-level skaters for a long time, which was part of its competitive lead. I wasn’t a fan of Sarah Hughes, but when someone of her caliber is the B-Team of the Olympic squad, you’re ahead of the game. But that’s exactly the kind of advantage that is comparatively easy for other nations to reduce or eliminate — or to squander by complacency. This happens all the time in various sports and competitive activities: there’s someone who starts out on another level, but as others learn the nuances of the (meta)game, their edge over the entire field dramatically narrows.
Arguably, the US squandered the talent it did have, which was an unforced error and helped accelerate the “decline” narrative. Weir was arguably a better skater than Lysacek and certainly did more to boost the sport’s profile — especially in the key age range (young people). I remember Weir blowing up the internet before Twitter was a part of daily life and the 40+ demo knew GIF was pronounced with a hard “g.” I don’t like Weir as a commentator, but as a skater, he was treated as though he was devoid of any technical skill, never practiced, etc., and that still stings.
Cohen was caught in the scoring transition, and also trapped by bad media narratives (inconsistent, crazy/drama queen, “back to the coach she fired — only Sasha!”). After Kwan, whose personality was pitched as calm and serene (and whose programs reinforced that), Sasha was perfect as the “crazy” one, right down to the name. She and Weir were defined almost exclusively by their personalities, not their skills, which may have been good for the media but told anyone watching nothing about skating — except, in the case of Cohen, that flexibility is good? What a waste.
Meissner... I knew of her in 2000, actually, as a friend of mine skates. Another skater who makes me wonder what might have been: what if she’d been born just a bit later and/or spiral sequences weren’t as important to the US audience? What if she’d had a better “narrative”? Despite being an incomplete skater (her spin positions are ... awkward, spirals have bad edging, etc.), I think she’s undervalued in comparison to the next wave, especially on the technical side, where she really did show that she understood what was coming. But she wasn’t a “pretty” skater, and that’s not marketable.
And then Mao Asada and Yuna Kim showed up, and it was clear they came to play. At this point, the US could have changed course and started correcting for its errors, but it didn’t.
I was completely tuned out by the time of Gold and Wagner, and leaving aside the eating disorder issues (I’m a recovered anoretic — I’m well out of the woods after a decade of crazy, so here’s hoping Gold can make it fully into recovery as well), Gold... whatever her skills, I cannot think of a skater more trapped in the 6.0 system in terms of choreo, costume, music, etc. She was shoved into the Ice Princess box and then they taped the lid shut. And I doubt it helped her competitive chances. You had Yuna with her Bond short, Mao being her gothic badass self, the rise of Eteri’s girls... and Gold. I’m not knocking her, as I think she was one of the better skaters the US has produced, but between overinflated expectations, her surname, and an inability by Carroll to see the difference between “classic beauty” and “antiquated,” she suffered.
Wagner was also overhyped going into Sochi, didn’t get credit for what she actually did well (choreo, musical interpretation — her programs were stunning in that aspect), and was an easy villain/foil to Gold. Even when she has a compelling point or is on the right side of an argument, she’s built up enough ill will that no one is going to listen to her. (Meanwhile, throughout this: US men — worth remembering that as one side falls, the other begins to rise....)
Which brings us to now. Hughes was the last gold medalist, but is considered a one-hit wonder who came back “fat.” Meissner: also a one-off, allegedly. Cohen was the last to capture hearts, minds, and attention despite being dinged as inconsistent and “quirky.” Nagasu, Chen, and Terrell have fans here, but Nagasu has the 3A legacy... watching NBC hype them and then their actual performances, you really can’t blame the average viewer for feeling lied to, let alone having trouble recruiting new talent. Especially when the USFS is fine leaving its top senior women without coaches or Chen with an ineffective one.
Happened to Chen before his short, with parents changing the layout. There’s also the money issue; you need to be Kerrigan/Nathan Chen and be making money before you win if you want to have a chance at success.
For the women, though, I think there’s another factor: change in the perception of athleticism versus art, body size, feminism in general. And by that I mean whatever you think of Harding, much of the “fat,” “ugly,” “white trash” criticism comes off very differently now than it did when she landed the 3A, and even documentaries like The Price of Gold from ESPN (which leans relatively heavily on the conclusion that she was probably involved, though without explicitly saying so) spends a great deal of time solidly unpacking the absolutely disgusting BS she went through, giving her due credit (including from male skaters) on the 3A, etc. And that’s where Gold really got hit hard in her programs and packaging — the sport was already moving away from that fragile ice princess mythos, because who wants to compete in a sport that mandates you develop an eating disorder, hate yourself for going through puberty, and force yourself into an outdated conception of femininity? Nagasu is actually a great ambassador for the sport, as she’s not a teen, she made her mark athletically while being more well-rounded than Harding and Meissner, and she doesn’t try to play a role she doesn’t fit.
As a non-Anglo who hit puberty super early (eight years old kind of early; I was 5 feet by the time I was nine, with adult proportions... so much for ballet [emoji23]), figure skating was never a world I’d be welcome in, never mind the fact that I FEAR THE ICE. But as a dancer and an athlete... I can see my younger self wanting to be Nagasu. Because she doesn’t do the full face of makeup. Because she’s not trying to be a princess. She has her own issues as a skater, but she’s at least part of the modern era.