Your organic rankings are below the fold on your most important keywords.
In competitive US search categories, a Google results page for a high-value informational or transactional query now typically begins with an AI Overview that can take up to forty percent of above-fold screen space, followed by People Also Ask, followed by sponsored results. On many query types, organic listings do not appear until the second or third screen-scroll. Your position-two ranking — earned through significant content and link investment — is starting below a paid result that sits below an AI-generated summary that does not include you. The ranking still shows in your reporting. The commercial value of that ranking position has changed.