You are absolutely correct, but that doesn't seem like the direction they are taking anymore since SHB (nearly 3 years ago now + a pandemic).
I also think it's safe to assume that all the players from the 'WoW exodus' are not all going to stick with the game. People will make up all kinds of reasons for why they think they are leaving; but at the end of the day this game isn't WoW and isn't going to appeal to all MMO players (and that's OK).