It’s not audience fatigue. Audience fatigue shows more gradually. What OP is talking about is an abrupt drop. Overnight.
I’ve experienced this in 3 different accounts in 3 entirely different industries.
They were all PMAX campaigns.
The week it happened I received an urgent email from my Google ads rep which said “I’ve seen a major issue with your ads and have a resolution I need to share with you. Set up a meeting on my calendar.”
Skeptical, I did it anyway for one of the accounts.
The rep had nothing to share except going through the automated recommendations with me. So I asked about the email where he said he knew what was wrong.
He said “oh, I didn’t write that email. They’re automatically sent. I reviewed your account though and here are the recommendations you can do.”
I was so pissed off. It really felt like Google intentionally killed the performance to get me to stop ignoring their emails from ad reps.
Again, all 3 accounts had this exact pattern. I ignored the other two.
But something the guy said made me think. He said something about kicking the campaign back into learning mode.
So I increased the budget by 50% for 24 hours, then decreased back down the next day. Within 2 days the performance level returned.
I did the same on all three accounts and had the same results.
So, perhaps make a change that will trigger the learning process, but won’t impact your ad copy. Budget changes can do this I believe.