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I've also been concerned about this for some time now. The writing was on the wall, and now it's all crumbling. My company has already started moving away from having dedicated SMs, so this comes as no surprise to me. I do feel bad for the people who worked hard to earn those credentials, though.
Most companies try to save money by not having a dedicated scrum master role. The one we had was let go a month later. Apparently, his role was fluff and nonsense." Crazy times.