The real question is: are there other things people actually want to do? The answer for a lot of people is, "no," as is evidenced by the OPs observation of a drop in population and lull in the markets.
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You weren't content to get just one song stuck in my head you had to go and make it 2.
This is honestly why I stopped doing EX roulette completely. I just can't run it anymore. The same thing happened with Syrcus Tower and WoD. it get's to the point that after one run I hate everything associated with the game and log off. an RP buddy was what got me interested in the game again after 2.55. Now it's PVP because I've decided glamor is more important to me than stats. Also, it's nice having a mode of play that's not scripted. Great moments happen in Seal Rock even if it is a mess most of the time.
Right now I'm looking at this exploration mode and crossing my fingers. I'm more of an immersive player; I'd rather find cool spots to explore, or even hunt monster's with friends for exp/seals than worry about getting a drop from Alexander.
The problem is every thing in this game is saturated with one painful retention mechanic, grinding. Almost every single piece of heavensward content and a large portion of 2.XX content require multiple months of grinding.
Red and blue Scripts? Its a grind
Pvp, leveling your chocobo, and hunts? Another grind
TT, chocobo racing, and the MGS? SO much grinding! The new heavensward NPCs for TT came with absolutely horrible drops rates.
Gear, eso, alex N? It's all long time investments for gear where certain pieces can take up to a month in time to obtain.
I could keep going and explain how most of the new content is exceptionally grindy, but most of you already know that. Also, don't get me wrong, I think grinds are absolutely necessary in MMO's, but the level at which FFXIV is using it is troublesome.
Doing PVP, leveling my chocobo, leveling my retainers, grinding out MGP, and many other activities feel like sisyphus styled grinds where the end goals seem several months off with no relief in sight. I think SE needs to sort of spice up the recipe. SE just needs more short term goal oriented content that is not a huge grind to access or complete.
What else is there to keep someone paying $15 a month other than chatting with your FC/Static mates that isn't locked behind some tedious grind? Leveling? It may be fun for some, but I know quite a few people dislike it, myself included. You're running the same content you ran over a dozen times on your first time, while having but a handful of abilities making everything boringly slow. EX primals? No point in doing them once you have your gear. Crafting/Gathering? Another long and boring grind. Triple Triad? Grind. Chocobo racing? Grind.
If I wanted to waste time on a game that I enjoyed 100% of the time I was playing it, I'd go continue my Witcher 3 NG+ playthrough, go mod Skyrim some more, play Killing Floor 2, continue my KOTOR2 playthrough, etc. Not continue grinding my time away on content I've done more times than I count. That's why you see people leaving shortly after they've experienced the content.