Unfortunately, Last.fm as a social network was completely dead, either by user abandonment or by bot infestation. After a couple of years of dead message boards and comments sections, it didn't make sense to keep the scrobbling going.
Almost certainly but there will be an alternative company with some migration path for your playlists. Unless omnipresent network connectivity stops being a thing, in which case there would be bigger problems than music.
To me, that gives my collection much greater personal and sentimental value than a Spotify retrospective playlist that doesn't align as well with my memories of those days.