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For me it was the LAN settings. I unchecked the "Automatically detect settings", restarted Steam and nothing happened, then I checked it back on, restarted Steam, the issue got fixed.
I have yet to find official news regarding Valve capping download speeds across regions since lockdown, but it matches when I started noticing an issue. Years later, I'm only now finding this guide with ITNoetic's specific support of the winsock command. Thanks also to all other commenters here for your additions to the thread with suggestions not stated in the guide.
It's good not to harp too much on MB/s vs mbps, though, especially when many people coming here are wondering why their usually-fast download speeds are randomly suddenly very low. And bad on Valve for locking the thread about the 11.7 cap...