I've been noticing this for weeks now but kept quiet thinking it was just a glitch. Then I went looking for DIY projects the other day and every single top pin had no "visit site" button. Not one. And the branding on the pin didn't match the account that posted it. That's not a saved pin - saved pins keep the original link. These are straight-up thefts with no link, or links to spammy Etsy shops.
Creators are losing half their traffic overnight and Pinterest just sits there. My own pins get buried while some random account that stole my image ranks number one. Hundreds of my old info pins are being used to run ads for someone else's product. Pinterest does absolutely nothing about it.
The platform is broken. They prioritise engagement over original content, and this is the result. If you're wondering why your engagement tanked, it's because stolen pins with no destination are flooding the algorithm. Hope they fix it, but I'm not holding my breath.