Here's my take on this. I've been posting here on and off for the last 21.5 years (it's really been that long?). It was actually LEDs which got me interested in lighting in the first place. Back then LEDs were not much more efficient than many incandescents. Two things attracted me to them however. First was the fact they were immune to the shocks which destroyed many bulbs in the halogen bike lights I was using at the time. Or rather, tried to use and give up on because the bulbs were costing me too much. I was riding in the dark at night until LEDs came along. Then I modified one of those halogen lights with 5mm LEDs. I think at the time they were already twice as efficient as halogens, so it was step up in output, plus they just never burned out.
The other reason I liked LEDs was the fact they were available in high color temperatures. In fact, that was ALL white LEDs were available in back them. Higher color temperatures made for better seeing at night, to the point I would say they were 3 or 4 times more effective than the halogens they replaced, even though lumen output was only maybe 2 times as high. Prior to this, the only other high CCT light source was fluorescents, which of course could not be miniaturized like LEDs. I thought of using them to light HO passenger cars and other scale model imitations of fluorescent lighting.
Back then we regularly saw huge increases in LED efficiency. We went from 25 lm/W to over 100 lm/W in a relatively short period. The link to my LED testing thread in my signature gives a nice timeline of this. Finally around the late 2010s LED efficiency gains started petering out. It had to happen eventually as we were approaching theoretical efficiency limits. Some production LEDs were hitting 230 lm/W, for example.
Despite the plateauing of efficiency, LEDs still remained interesting for a while. We were making huge strides in more consistent binning, along with greatly improved color rendering, plus availability in CCTs ranging from 1800K to 6500K and beyond. Those early LEDs were typically well over 6500K and had CRIs in the 60s or 70s. Also, costs were dropping dramatically. I remember when power LED emitters were $30 a pop. They kept dropping in price. Now many are well under $1. Mid-power LEDs used in things like LED tubes or bulbs can be now be had for under one cent in quantities of a few thousand.
Lately the pace of everything slowed. Obviously prices can't drop lower than the price of raw materials. We won't be seeing LEDs for 0.01 cents, for example. CRI more or less plateaued around 95 but some LEDs have managed 98 or 99. Again, not much room for improvement. In short, LEDs became commodity products we see in literally everything, just as I had predicted would happen many years ago. Generally once something becomes a commodity it loses interest as a hobby. There's no point to doing mods these days when you can get 700 lumen AA lights for something like $20 on Aliexpress. Plenty of people I'm sure are playing with LEDs to light scale models and other stuff. Maybe that facet of the hobby is still vibrant.