In retrospect, it does seem almost unavoidably obvious that the majority of "live services" video games would fail to meet revenue expectations.
I think about Roxy and I as an example. We really only play two live-service games semi-regularly; Fortnite and War Thunder.
With Fortnite, we generally play during the summer or during the winter holidays, as that's when our other Fortnite-playing friends have the most free time. Fortnite's Battle Pass system isn't terrible - if you complete the Battle Pass you will earn enough vbucks to buy the next one, as well as earning a bunch of new items you can keep indefinitely. We have realized that the wise course of action is to only buy the Battle Pass once it's clear you will be able to earn enough XP in a given season to unlock everything (at ~level 90).
War Thunder is a little different - the progression in War Thunder is so miserably grindy that it's just not worth trying to unlock new items after a certain point, and so we just have fun with the items we already have.
We only play two live-service games, and in both cases we cannot manage to continue the XP grind more than a couple months at a time before getting tired of the grind and moving on to something else. In both cases, we provide relatively little recurrent user spending. This is not a market with a lot of room to grow, especially when the same publisher is trying to sell multiple different live-service games. There simply isn't enough time or money for all or even most of these games to be viable.