According to Wikipedia, the term was not created, only Popularized by Doctorow in 2022 in this blog post (which I haven't read by the time I'm created this).
However, I've recently listed to an interview with him and there he condensed the concept beautifully (right at the beginning)
[...] enshittificaiton is what you do when you’ve grown your market all you can and then you squeeze it [...]
I, mean, it encapsulates so well the idea that you offer great service until you can no longer get new customers by it (thus you increase profits by acting against these same customers).
Not to say that is the only thing worthwhile in that interview, Cory offers a bunch of great insights over how the market is currently behaving. While recognizing the usefulness of LLMs, he still highlights risks as losing a lot of tacit knowledge we grow in our work lives.