So I'll give my two gil what i think is happening. I think our expectations were too high or they were dashed be dawntrail. Reasoning is what we just came from, we just had the original story conclude many if not all plot lines were tied up. We were expecting to have the next expansion to be just like Shadow Bringers and Endwalker. The problem is how to follow up with content that was just as good as those two expansions when a new 10-year story is to begin. We came from characters we liked, WE were front and center to all that was happening, and we went from moment to moment, action to action.
Then we play the DT MSQ and we get characters that people don't like, where our character is in the background, and things are slow-moving. It is a jarring mental change; we wanted more but to start a new thing had to slow down story-wise.
I even kinda expected Dawntrail would be a rough patch for us, realistically how were they supposed to make DT truly equal or even out due ShB or EW. We come this super high in our character and other character development, we beat the bad guy, stop the man behind the curtain, and then save another world. Then we went to, you're a supporting character until the very end, it is a hard shift.
I do see the doom and gloom that FFXIV is dead, won't recover, yada yada yada. I think the player base will be okay, we are in a rough patch for FFXIV but I truly believe we will be fine. DT isn't done yet we still have 7.2 - 7.5 left, and we still have additional activities left, plus other stuff. I know that people hate the patch cycle on how slow it is or how spaced it is, but honestly nothing we can do there that is all the dev team.
This is what i think, i could be right or wrong on this. I love the game, the population will go up and down depending on a bunch of stuff but we'll be fine overall. I just want to UNGA BUNGA MORE and want Hrothgal armor for shoulders and long gloves to be fixed.