I think it's very likely that bigger earners are seeing cuts whilst those with smaller audiences but more engagement are seeing a boost. I've fared pretty badly and having a similar experience to you.... I get a lot of read-time but it's not being converted.

However, It's no bad thing, I come here to write and over the last five years the money has come and gone. I suspect it'll rebalance over time and in the meantime the pie needs to be shared away from bigger bloggers with their repeating messages into more of the lifeblood that sustains new writers.

I came searching to see what's happening with everyone else and I'm happy. I hate the idea of selling content, I hated the Medium membership scheme and the platform will adapt and phase out those who are only interested in the money and not interested in writing. :o)