Queues really have no bearing on popularity. Steam charts put this release as being just shy of Endwalker's launch, which peaked at 95K concurrent, and Dawntrail peaked at 90K.

Even Shadowbringers didn't have any queues beyond the first few hours of early access.

I think the game is doing just fine, but the lack of queues are mostly owed to Endwalker being an anomaly and them preparing for Dawntrail so that it didn't happen again.