Has been for years.
Like its cousins Creepypasta and SCP, it had a few grand slam incarnations that pioneered the genre (Local 58 and Gemini Home Entertainment), which were then followed by mediocre imitators (Mandela Catalogue and Monuments Mythos), and then was smothered in mountains of tropey, low-effort dross.
And of course, furries and troons had a cum-stained hand in its demise.