Michelob Ultra has officially knocked Bud Light off its decades-long throne as the go-to draft beer in the U.S. It turns out, beer drinkers are leaning into the low-carb, health-conscious vibes Michelob Ultra has been serving up, boosted by sports sponsorships and good marketing. Meanwhile, Bud Light’s fall from grace, sped up by a boycott and disappearing taps at bars, has made room for its sibling brand to shine.