Since a large fraction of MMPs sold were genre fiction and a large fraction of that has shifted to ebooks (romance readers were the biggest early adopters of the kindle), along with the decline of book sales outside of bookstore channels, the loss of MMPs isn’t the cultural cataclysm the article claims. Meanwhile, it’s worth noting that the trade paperback space has expanded. It’s not uncommon for a new writer’s first book to be released as a trade paperback rather than hardcover (Emily St John Mandel is one notable example of a writer who debuted in TP but had later books released in HC).
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1. It was typically pure wood-pulp paper with high acid content, leading these books to be described as “pulp novels” and since a large fraction of these were genre novels, genre fiction would be referred to as pulp fiction and yes, that’s where the movie gets its name from.