Before Wimbledon in 2021 (the year she won the US Open) her ranking was something like 300 in the world. She rose meteorically off the back of getting into the 4th round at Wimbledon, and then, as a qualifier (a feat never before done by either sex in the Open Era) won the US Open. You don't do that without talent, but what she didn't have was a set coaching team, and it has been hard for her to find a good set up since then. IIRC the coach she had that year was a temporary one provided by the LTA.
And then she's had bad injuries that have required surgery, so she's hardly played any tennis since then.
She's only 21. The press has made a lot of her, and she's made the most of the opportunities presented to her (which is very sensible, given how short a tennis career is likely to be), but she's also still developing her game. You can see that she's a good player by how other players react to her. They find her hard to play - she and Jack Draper have that in common.
I think she needs to find a good coaching team, play the smaller tournaments, get more experience behind her, and she'll do well. She has a lot of innate talent; she needs to back it up with more time in the game.
As for the state of the women's game right now: Swiatek and Sabalenka are the two most consistent right now - Iga had that long run of match wins (37) and is there or thereabouts at most tournaments.
Rybakina is also fairly consistent, though she's had a few illnesses this year.
I don't know that we'll see the same dominance that we had from Serena or Steffi Graf, but I think that's a good thing, personally.