A balanced game with long time stability (people can focus on a preferred archetype if they want) has an appealing side. Ultimately, part of the business model is having people play. More odds that they drop some money for whatever reason.
The current trend of invalidating content and builds with massive power creep and imbalances makes some financial sense. But ultimately it is burning the ground around you. For example, reaper was supposed to be the "achievements / challenge" mode, yet the achievements section is as dead now as it was in the recent past. And all of us are aware that beating high reaper is more a matter of cheesing than anything else.
By constantly adding vertical progression in huge leaps, and constantly altering the META in very drastic ways, they have put off a lot of players. There used to be class experts in the forums. Andoris for pale master, cookie queen for bards, some others for tanks (reignbeau), Cetus for fighters, and many others. People who focused on certain archetypes and put together builds and showed achievements.
But in recent years the FOTM has been changing brutally (I think that since balance passes, more radically than before). FOTM strategies and builds are pulling massively ahead of the last big thing. My impression is that a lot of people got sick of it and just stopped trying. What we have now is a more limited group of players that are constantly switching with the META.
This must have affected the player base numbers. I am quite certain, although obviously I don't have proof. And ultimately revenue is people x per capita spending. They might be able to somehow boost spending by selling power like they are doing, and getting people to TR and change builds, but ultimately my impression is that they are losing a lot of the people side of the expression.
We have seen a lot of cost saving measures in recent years, from server migration to cutting on customer service. I can't tell, but I also think they are using fewer devs than ever on the game. And community and management is now divided between LOTRO and DDO.
I think they are going with a semi organized retreat, dismantling the game somehow slowly. Going with cheap development and banking on "must have it all" grindy mentalities to keep it afloat without investing in content generation and good balance.