Sure, just as a select few people still hire a master carpenter to craft some bespoke exclusive chestnut drawer, but that does not take away 99% of bread and butter carpenters were replaced by IKEA, even though the end result is not even in the same ballpark both from an esthetic as from a quality point of view.
But as IKEA meets a price-point people can afford, with a marginally acceptable product, it becomes self reinforcing. The mass volume market for bespoke carpentry dwindles, being suffocated by a disappearing demand at the low end while IKEA (I use this a a standing for low cost factory furniture) gets ever more economy of scale advantages allowing it to eat further across the stack with a few different tiers of offer.
What remains is the ever more exclusive boutique market top end, where the result is what counts and price is not really an issue. The 1% remaining master-carpenters can live here.