The most obvious potential real reason is Stability isn't making money, and the people that matter don't think Emad was going to be able to turn it around.
There's nothing to enshitify, their models were open sourced. Now they may no longer release future models for free, but its entitlement to think we'll just get free improvements forever.
Also not all CEO replacements turn out bad. Uber certainly has turned itself around.
What I'm saying is that if it's really true that he is going out because "the people that matter don't think Emad was going to be able to turn it around" then it's very likely that the replacement will be more able to turn it around, because that will be the selection criteria.
