Web3 as a brand is probably dead having been tarnished by association with the cryptoscam community, but there is some hint that the zeitgeists is for both creators and consumers wanting a more direct relationship that can only really come via more decentralization of control.
And then everybody started using that to add trackers and push ads.
Yes, it is. It's only superficially similar (technically "user-generated" content). It's a qualitative difference. The fundamental difference is human-curated vs algorithmic. You go on youtube or instagram or tiktok and all you see is what the algorithm pushes: usually the shittiest most junk content imaginable. It's a qualitative difference from having your blogs and following links and etc.
The other main difference is of course that it's now all commercial. Everything everywhere, be it a google search for "best blender" to a youtube frontpage, is trying to sell you stuff or to make you click on ads. It contaminates everything.
TikTok isn't really fundamentally different from the stuff we consider web2, is it?
(I actually think imposing these artificial "generations" on web evolution is silly, but if we're going to do it, I'd prefer to use it to steer it towards something positive.)