Is Content Marketing changing SEO?

Is Content Marketing already the most important aspect of SEO

SEO or search engine optimisation is all about link building
and on-page keyword optimization, but with search engines like
Google reducing their organic ads space and relying more and more
on socials signals to determine the value of content,
is traditional search engine optimization as we have known
it now being completely replaced by content marketing activities?

Here is an infographic that shows how content marketing is changing SEO