It seems to me.... it was all the ordinals and nft hype that has considerably subsided. The halving (halvening?) saw the highest fees ever... now they're sub-5. I think a takeaway from this is it's important to give the free market time and space to sort out 'what's important'.

Although growing, the demand for monetary transactions (sending/receiving/paying) isn't there yet... with the exception of Nostr/SN. And that's a lightning thing and still relatively novel. Just imo