Likely so, though I would point out that for most of the people who are leaving, they likely don't enjoy the game that much to begin with. Catering to the mainstream makes good business sense, but you won't attract certain gamers when you do this. It's a choice SE has clearly made, and they'll profit from it - but they'll lose some of their customer base in the process.
My thoughts on this are fairly basic - FFXIV is being designed with accessibility in mind. This is probably the most obvious principle that SE keeps in mind with any particular decision they make. This also results in a particular type of game, which in turn attracts a particular segment of gamers. Given that XIV is also a "spiritual successor" to both FFXI and XIV 1.0, it's important to note that the community ARR attracts is quite different from the community that embraced XI and XIV 1.0.
As a result, a lot of people, myself included, embraced ARR initially before slowly realizing that the game didn't appeal to us. The cash shop is just the latest item we don't like - but it's a fairly visible one, easily vilified. It's a creation that is largely tolerated / embraced by the crowd that ARR is targeting - which doesn't include some of us that loved XI or 1.0. So, as a result, there's a lot of friction on the forums for the moment. It's not that any side is "right" or "wrong" - it's just that some of us don't like how ARR is being developed. This assessment is relatively independent of the business side of things, so the argument about SE being a business is somewhat irrelevant.
Ultimately, those of us who dislike ARR's direction will likely leave. That's our right as consumers, and a sacrifice that SE is knowingly making. That said, many of us will continue to make our views known on the forums, as is our right - so as to let SE know, in an angry fashion or not, that we dislike what they're doing to a title we wanted to enjoy. There's no point in "arguing" with this feedback; it's not directed at other players (in general), nor is it an argument that can be won, by either side. It's simply a result of individuals voicing their opinions in a public fashion.