I'm suspecting folks aren't submitting to Show HN anymore. They'd rather someone else submit their project for them once it's out of MVP/beta and matures a bit more. It has a much better chance of being noticed and gaining traction then. I also noticed Show HN volume is much higher a day or two after YC-rejection emails are out.
Being a place for people to show off their code and their (possibly incomplete, and not necessarily for profit) projects is what makes Show HN unique, on a forum otherwise biased towards startups and SV culture.
Of course, I recognize my personal opinion on the matter is not really relevant, but I don't think low volume is necessarily a bad thing.
At the very least, though, I think users be able to do something with a Show HN submission besides just sign up for the beta. There should be content worth building a discussion around, even if it's just a mockup or preview of features.
> Show HN is for something you've made that other people can play with.
> If your work isn't ready for people to try out yet, please don't put "Show HN" in the title.
> For example, blog posts, sign-up pages, and fundraisers can't be tried out, so they don't count as Show HNs.
https://news.ycombinator.com/show
There have been 33 new submissions in the past 24 hours.