Meta is ( was?) a place where the community can come together to discuss about site policies, feature requests and to understand about how the site works. The community can vote up or down a question in order to give a sense of priority to the underlying issues.
Now that we have "The Loop", and the evolution of the site will be determined by "a new working group of diverse users", in which the selection criteria is solely the discretion of the company. The blog post does not mention how Meta can fit into the new process, beyond the announcement that they will "watch and see".
We looked at the three data points—how Meta is being used, who is using Meta, and the functions—and determined if our users are best served by keeping the function on Meta or if our users are best served by moving the functions to other tools and processes.
I've read that part of the blog post a few times and can't really figure out what it means.
My question is: is there still a purpose for the Meta to exist?