Naturally over the years as Fark's membership has declined from the roaring highs, the owner has needed to look at ways of maximizing revenues. So, the boobies links got removed and put into a separate site etc. The core ethos of the site remained: be funny no matter how offensive you are.
This has been chipped away. Thus the core offering of Fark has been reduced.
It hasn't helped that the moderation has been inconstant, secret and users get banned or worse, shadow banned. This is the expensive way of moderating a web site because ideally you want to nudge the users so that they police themselves. One of the rules of Fark is that discussing moderation is cause for being banned. It hasn't helped that there's been no investment in the backend serving up Fark. No new features have been added, um, ever. I'd not be surprised to learn that they were using their original launch DB.
There has clearly been more of an effort to shape the conversation in Fark in recent years. The result is that the place is less interesting AND there are fewer page views. Discussions used to rocket to infinity twice a week. Discussions nearly never reach four digits these days. I understand why this was done. Many of the women posters on Fark appear to appreciate the intent. I understand. However, as a business offering, the result is that there's a smaller population mix in Fark these days making for a more uniform set of opinions. Thus, shorter discussion threads that are less likely to go to infinity and beyond.
The recent glut of MRAs blighting Fark has also been on Slashdot. I think this is a wave that will burn itself out in a year or so and turn into something else.