There are at least 6 major brands that have eaten in to Nike's share in stores and online. Two of those are relatively new (Hoka and OnCloud), and they are eating up market share. New Balance is back relative to their swoon over the last 15 years. Brooks are popular again. There's just more competition.
Anecdotally, I know that older athletic folks opt toward Hokas and the several other brands that are essentially orthopedic shoes to run, work out, etc. I was "prescribed" Hokas 10 years ago by my ortho (I've got a herniated lumbar disc) and they are transformative. They don't last long, but they're great. If you look at running stores, there are tons of specialty brands as well.
It's not about woke. I'd wager that people who believe in "go woke, go broke" weren't buying sneakers for $230 a pair anyway.