Urbanisation and deforestation are not the same as enshitification tho.
It's a bit unfortunate that "increased degree in which something is shit" sounds like what the word should mean, and I suppose it then sort of does.
It's nice to have a word that describes the investor-driven incentives to worsen a service/product to milk out more short-term revenue. The larger a market capture is, the more that can be pushed without an alternative being a threat.
It's the cycle of "provide a good quality service that makes everybody happy" -> market capture -> shareholders push for increase revenue at the expense of quality as there is no competition.