There's also been a serious socio-political disconnect from what used to be the core audience, and the current crop of hosts. Not that long ago, hosts tried to be middle-of-the-road, and poked fun at both sides of the aisle....and thus, appeal to the widest audience. Sure, you had guys like Conan and Letterman who obviously leaned left, but it never felt like they were "team players" trying to protect "their side".
Today, the hosts are all obedient propagandists, faithfully adhering to the left's accepted talking points and dehumanizing any who dare dissent, constantly pushing themselves farther and farther away from the already dwindling numbers of Average Joe TV viewers.
Oh well....it might be a little sad to see a once cool format slip into obscurity, but seeing what it's become, you realize it's time to let go.
On a personal note: Carson may have been King, but Craig Ferguson is the freaking GOAT, and the day he retired from late night was the last day it was worth watching.
RE: The Death of Late Night Television