My theory? Young men have become more savy. They have a better understanding that nothing online can dissapear, and rarely stays a secret. Even for a couple of thousand dollars, the idea of your Meemaw seeing you cum all over someone's ass...it isn't worth it. Worse, your supervisor being sent your naked photos. Anyone with a working brain cell and an ounce of life ambition would never consider it.
I think that is the primary motivator. I think the secondary is financial. I doubt the economics are workable to pay new, and returning super hotties to do gay porn based on a monthly subscription fee. It might still be possible, but the monthly sub would be high and people would expect a lot.
I think there are some kernels of truth there, but it's also much more complicated than that.
Nowadays, I think most people getting into the industry simply have no fucks to give. Prospective models are being told "It's not a matter of if people will find out, but when they will find out." And while it doesn't apply to everyone, some models have families that are totally cool with what they do. Obviously, not everyone accepts it, but people can and do get new friends -- ones that are supportive.
There's a tremendous shift going on in the country right now. The Trump years did plenty to divide the country further. And whether you agree with it or not, lots of people have no interest in being friends/significant others or whatever with someone with opposing political beliefs. It's even done tremendous damage to families. Quite simply, I think most gay porn stars don't give a flying rat's turd about what some bible-thumping, card carrying Trumper thinks about their life as a sex worker -- even if they do find out.
As far as employment goes, it's a sad reality, but most people in this country are "at will" employees, meaning that they can be fired at any time and there doesn't have to be a good reason. I've seen lots of people fired for various superficial reasons -- quite simply, if a boss wants to fire someone, they can -- in most cases.
Younger workers are being a lot pickier about who they work for, and that's to their credit. They don't want to spend their lives in a stifling, dead-end job with horrible working conditions that they hate -- they are demanding more than that.
As far as the gay porn industry goes, some sites are struggling, but it doesn't appear to be anything related to a lack of models, but rather for other reasons (namely scandals).