ELI5 Megalodon - how are we sure they are extinct?

How are scientists so sure that the Megalodon is extinct? Especially since I keep on hearing them say we’ve explored less than 5% of the earth’s deepest oceans? What did they look like? Where did they live? How did they become extinct?

... we explain like I'm five

Thank you to the r/explainlikeimfive community and in particular the following users whose questions and comments formed the basis of this discussion: blackwolfeone, m8asonmiller, rawrthedinosawrr, tomalator, theworthing, ippus_21 and indigoindica_za

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