We are seeing a bit of reduction in client-side bloat due to bundlers and compilers like Webpack or Svelte, but the value of client-side frameworks was never to add bloat to the client anyways. It was always about making it easier to write complex user features. So they provided things like better composability, better state management, etc. So when tools come along that provide the same benefits, while reducing client-side bloat, then of course the industry starts moving.
I think there's also a slight sampling bias in HN because 90% of the posts here are articles and blog posts, both of which can be written in static html. So of course there's going to be blogs boasting about how they got away without a javascript framework. But the majority of internet users aren't browsing blogs, they're spending time on big web apps like Facebook and Youtube. And those web apps benefit greatly from these frameworks.
There’s no pendulum swing back to server-rendering, but rather new frameworks and techniques that involve both in unison.