There are overwhelmingly more people on the site saying quality has degraded sharply --- most of them citing politics as one of the reasons --- than there are people defending it. Also, a close look at the people who do defend the current quality of the site might be instructive.
In addition to the politics, I've noticed what feels like a bifurcation in age or maturity with stories and commenters. My working narrative is that much of the negativity is immaturity from HN's endless september of college and high school students, although I know that's likely incomplete as many simple narratives are. Also, something about reading a blog post with a "Discuss on HN" link at the bottom irks me to the point I feel like the content isn't so much about improving understanding as it is to generate clicks and drive traffic. I am not a fan of personal brands or personalities in any industry, though it feels like many come here to create one.
The issues I see are related to people and their behavior in the community and not the HN site or features. I believe the best way to nudge the community back to neutral is with more people correcting or excluding the negative behavior.
Offtopic, but I've considered adding such a link to my own blog before--not to "generate clicks and drive traffic", but--since I don't have inline comments--simply to give people something to click through if they want to comment on a post of mine without breaking flow. If you know where "the" discussion for your post will be happening, why not just link to it?