Right. The game may have a huge player base. However you hardly ever see people outside of designated gathering hubs because outside of DoL jobs looking for nodes, once you finish whatever quests you had in that area there's almost no reason to return.
And the game really has been stripped down of nearly every RPG mechanic which in turn eliminated build crafting because there is no actual diversity. It's just pick a job, get highest ilvl gear that boosts 1-2 specific sub stats, then press skill keys while trying not to step in poo.
IMO a number of SE's recent "failures" appear to be caused by 2 things. 1 is poor execution of an idea. The other is focusing on trying to draw in new players from other genres of games. When the 2 combine you end up with the issue of not getting the new players you wanted while your established fanbase doesn't stick around because they feel ignored. The success of this title sales wise after its ARR relaunch might have been a driving factor causing their more recent issues.