Reach dropping

Is it me or overall reach on Instagram keep dropping? Like now, in 2021 with 11k followers I have similar reach which I had back in 2018 with 6k followers, while they all are real people. I noticed same thing with old bigger accs which I've been following for a few years,even if their followers are growing their reach is still 2-3 times lower than 1-2 years ago. I just feel like these years of growing been wasted time

It depends on a lot of factors like the type of content you're posting, frequency, time of posting, initial views and engagement, hashtags, caption and so on.
Try experimenting with all those factors and you will figure out what's causing the reach to decline and you can then work on it.