There's plenty of other factors but I noticed that it's the first EVO in a while where there wasn't a big new standout game.

>2016
SFV's 1st year
>2017
essentially Tekken 7's 1st year
>2018
FighterZ's 1st year
>2019
Smash Ultimate's 1st and only year
>2020
Canceled because of the coof and McRib being exposed
>2021
Strive's 1st year, but it was online only
>2022
The comeback after covid
>2023
SF6's 1st year
>2024
Tekken 8's 1st year

City of the Wolves is cool but it's not a head turner like SF, Tekken, or hell even year 1 Ultimate were. Also doesn't help that games like Strive and Tekken 8 have been in a miserable state. We'll see how Tokon is next year.