What happens to the late universe?
If of physical origin, what are the implications of the S8 tension to the growth of large-scale structure? A good way to seek a clear answer to this question is to cleanly separate the growth history of cosmic structures, i.e., the clumpy universe, from the expansion history of cosmic background, i.e., the smooth universe.
Within the standard model, almost 70% of the universe is filled with a constant dark energy and this component drives the expansion of the cosmic background. Dark energy and the cosmic background expansion, acting like molasses, naturally suppress cosmic structure growth. That is, they act like a friction against the attraction and clustering of matter. This fact is already accounted for in all cosmological analyses. So the S8 tension indicates a further suppression, beyond the standard model's expectation.