The good writers in the publications will become good writers outside of the publications, or they'll set up their own publications - or do what Stephen did with you. I'm not worried about the fate of professional and talented writers.
By taking away the pubs, they're levelling the playing field. People won't just be curated and pushed for being 'on brand'. There was some excellent writing in those publications, but there was also some absolute dross....
And there was an entire generation of newbies (I'm class of 2k18) who arrived and thought the only way they'd be able to get anywhere on this platform was through Medium publications. Rather than work articles up from the ground, they'd submit pitches and stories that would wither on the psychological vine.
Medium has always thrived on its indie writers. Shannon Ashley, who I vehemently disagree with on most issues has already made the point - you have to take care of the indies. They're distinctive voices with niche followings and interesting insights. We aren't just well trained voices for hire (that's probably what makes us unusual) - and Medium need to work out what to do with us.
It's difficult not to be bitter during the down times and it's easy to become euphoric when things swing your way. You should run an online class on Medium stoicism. Take care my friend, good to see you popping up. :o)