Potentially, though I'd argue it's mostly SE just phoning it in lately.
For me the issue is the potential for the game is clearly there; they could easily provide good content. The game isn't so far gone it's unredeemable. I still love the game, but SE would rather put all their money into their failing projects instead of bolster this one and it's starting to show. FFXIV feels like it's pretty close to just going on maintenance mode.
They've also got system(s) baked into the game now that basically punish you for leaving long term. Housing is the primary one and not one they seem keen on resolving.
YoshiP telling folks to play other games is just a cop out for their lack of content. He'd change his tune if everyone actually unsubbed to play other games.