From the article:

"was meant for helping people access pages when way back, you often couldn't depend on a page loading. These days, things have greatly improved. So, it was decided to retire it." (emphasis added)

Bullshit! The web gets increasingly enshitified and content is less accessible every day.

For now, you can still build your own cache links even without the button, just by going to "https://webcache.googleusercontent.com/search?q=cache:" plus a website URL, or by typing "cache:" plus a URL into Google Search.

You can also use 12ft.io.

Cached links were great if the website was down or quickly changed, but they also gave some insight over the years about how the "Google Bot" web crawler views the web. … A lot of Google Bot details are shrouded in secrecy to hide from SEO spammers, but you could learn a lot by investigating what cached pages look like.

Okay, so there’s a more plausible theory about the real reason for this move. Google may be trying to increase the secrecy of how its crawler functions.

The pages aren't necessarily rendered like how you would expect.

More importantly, they don’t render the way authors expect. And that’s a fucking good thing! It’s how caching helps give us some escape from enshification. From the 12ft.io faq:

“Prepend 12ft.io/ to the URL webpage, and we'll try our best to remove the popups, ads, and other visual distractions.”

It also circumvents #paywalls. No doubt there must be legal pressure on Google from angry website owners who want to force their content to come with garbage.

The death of cached sites will mean the Internet Archive has a larger burden of archiving and tracking changes on the world's webpages.

The possibly good news is that Google’s role shrinks a bit. Any Google shrinkage is a good outcome overall. But there is a concerning relationship between archive.org and Cloudflare. I depend heavily on archive.org largely because Cloudflare has broken ~25% of the web. The day #InternetArchive becomes Cloudflared itself, we’re fucked.

We need several non-profits to archive the web in parallel redundancy with archive.org.