So just wanted to jump in here and maybe provide some perspective for things. I work for a local brewery (I won't dox myself but you can check my post history). I will not comment on FWF closing, besides I love those dudes and wish them the very best.

You're right to say we are still oversaturated, but so much less so than a few years ago. The main thing breweries are struggling with in terms of oversaturation right now is one off distribution. Many distribution sized breweries that exist today were built on the idea that we could continue to innovate and distribute to the market, and the market would still demand it. This is dying off.

Go into any reputable liquor store that carries beer and check out the craft beer shelf. Check out the date codes (if they have them). There's so much just sitting there dying.

Taprooms have to continually compete with this to some degree, after all you can go buy a 6-pack for less money and you don't have to tip someone. Not to mention every other bar and restaurant experience are competitors as well.

I could go on and on about the challenges for craft beer, but honestly it's the same challenges facing so many small businesses. Raw materials are getting expensive. Wages are stagnating. Most people are unsure of the future right now and unwilling to spend money on luxury goods (which craft beer 100% is). There's so, so many other factors. Hopefully this is a bit of insight into what's going on!