ethereum merge just happened (ethereum moved to PoS). doesn't come close to solving all the (intractable) issues with web3, but at least it mostly solves the environmental disaster web3 was.
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web3 is (mostly) built on ethereum, and other players such as cardano, solana, tezos, avalanche, polygon, etc., which don't use PoW (most are PoS, besides avalanche, which is different entirely).
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Since electricity used for proof of work is based on what's funded by block rewards + fees, minor cryptocurrencies using it don't really use a significant amount of electricity compared to Bitcoin and pre-merge Ethereum anyway. Monero is probably 2nd biggest PoW energy use now.
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Monero is mined on CPUs and there isn't really a profitable way to mine it. Even if your electricity is free, you're still barely getting money from mining it. I would not be surprised if most mining was done by malware because it's highly suited to it (private + CPU mining).
GPU miners can't really move to mining something else instead because there isn't enough value to extract from anything else. A bunch of them will probably switch to other coins that were previously possible to GPU mine profitably but they quickly won't be anymore due to this.
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