I was excited for Variant Dungeons, Island Sanctuary, and Cosmic Exploration. You're forgetting the chaotic raid too (not that I care about it). And, heck, I still look forward to new MSQ and raids.
The main issue is that people blow through the new content, unless you make it a daily/weekly thing, and then people complain that it's too much of a grind/nothing new. That, and the more content you add, the more spread out the player base is, and the harder it is to find people for everything.
I do think that they often don't make the best choices with new content - the changes to PT are great but should have been done for PoTD at the same time, as PoTD is still a bottleneck; or Occult Crescent not granting experience (among other very poor decisions there).
But it's a MMORPG thing - there's always a gameplay loop. People just leave when they don't find the gameplay loop fun anymore. There's nothing new. They just shot themselves in the back when they increased the time between big patches, as it gets stale even for people who do enjoy the gameplay loop.

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