Just because it seems like everyone is leaving WotC properties doesn't mean they actually are.
Anecdotally, many friends and I played religiously from middle school through college. Nearly all of them have stopped, most have sold their cards. Of course, we got older/more busy during that time, but we also have more disposable income (and chose not to spend it on cards). So, it certainly feels like my sphere has left, personally.
During the pandemic I started playing Arena, and was astonished to discover I could play entirely for free. I haven’t paid them a dime since the last tournament I went to in the 2010s.
As far as I can tell there is a HUGE amount of play on Arena. Presumably someone is paying for that, but it’s not me.
So from my perspective WotC has done the opposite of the money grab they’re accused of.
I'd say the game is healthy if people keep playing, the community grows, the meta isn't stale, and there's still interest in the game. By that metric, the game feels unhealthy to me.
I would _guess_ that WotC is most concerned with overall revenue (and potential for future revenue). I would bet that any reduced player counts have been offset by sales of higher-margin product (so numbers probably look decent right now). But, long term, I think these actions have hurt the brand, so the next product will have to have a higher price to make up for fewer sales.
Of course, I'm just theorizing here. I have no inside info and most of my feelings (especially as a no-longer-player) are driven by what I hear from friends and read online (the latter of which, of course, skews negative).