>>96285963
The 5e Tourists, at large, have left. 5e going mainstream was detrimental to the hobby, and largely ruined a lot of adjacent systems by virtue of wanting a piece of the trend-pie.
A lot of people have quit MTG because it turned into Fortnite slop.
40k on a big downtrend with the infiltration of twitter trannies, ugly models, and lore enshitification. Not to mention a percentage of the playerbase has started 3D printing models with an older aesthetic, playing previous editions. Also, 4chan didn't totally recover after the hack. Call it what you want, but there's a plethora of reasons and it's not just /tg/. It's a lot of these hobby related boards that are churning out more bad entertainment than good.