You would be hard pressed to find any current-or-former Xorg developer who actually wants to work on Xorg anymore, regardless of their employer. The intersection between long-time core Xorg maintainers and people-who-started-the-Wayland project is nearly 100%.

The fact that Red Hat doesn't see much future in Xorg reflects this, rather than the other way around.

The other historically important corporate sponsor of Xorg development is Intel, and they seem to have reached the same conclusion.

(I work for Red Hat, but not on anything graphics related)

Other sponsors could have done the work, I haven't heard of a long term X11 dev that didn't switch because they enjoyed working on X11.