Except that it doesn't encourage participation, because it's exclusive to a limited amount of people, so the more people compete over the same amount of rewards, the harder it gets and people rightfully won't even bother.
And that's not much unlike the tank mounts, really - they don't get people into the queues where they are needed, because it only counts 8-man duties, so most people just farm coil unsynced instead of actually "playing" a tank. The incentive isn't set right.
Queues are pretty dead at the moment, because all the people who thought they could make it realized they can't and stopped queuing. The reward structure is ineffective to encourage anything but cheating and not playing once you qualify for the rewards in order not to lose your spot. And other PvP rewards aren't much better - they're heavily grind based. 200 Feast wins is 400 matches at a neutral winrate - even if someone thinks the mount looks good, nobody with a mere passing interest in PvP is going to consider that goal within reach. And that's one of the faster and non-exclusive rewards to get from PvP. The only rewards PvP has that most players would consider reachable and even function as incentive are the wolf mark items.
If you add in how many people don't enjoy it and the fact that ranked serves as breeding ground for toxicity, one of the prime reasons why people want to have nothing to do with it in the first place, it's no surprise it's dead.
