This is a minor take from someone who used to play CoD at a very high level (cash tournaments, wager matches, GB/CMG/UMG front page teams). At least from the perspective of games like Call of Duty and Overwatch, I think at least some chunk of it is that the quality of games is rapidly decreasing and it's killing off the fanbase. I remember back when it seemed like everyone I knew was following the CoD pro scene, watching the streams, tournaments, championships, etc. Nowadays I don't know a single person who still engages with that content and the responses I get from them are that they don't enjoy watching the games anymore. The current CoD (MW2 remastered), there are pro players making commentary and tweeting about how much they hate the games design. The person who is probably the single best known pro CoD player Scump is retiring now and he's said in side comments that it definitely has to do with how bad the game is designed. People seem to be losing confidence in these companies that make the games with the biggest esports scenes. Overwatch 2 now has also received quite a bit of negative press. There's probably a good chunk of anecdotal experiences inside my view but this is my take on things.