This whole thread is super interesting to read!
I think in part this could be attributed to burnout. I feel like Disney trips became, for lack of a better word, trendy in the years leading up to Covid and in late '21-'22, and I would attribute that to the vlog/Disney influencer culture that built up around the parks as things like
Youtube and Instagram have grown in prominence. Factor in that everyone was antsy to travel post-pandemic, and I think the natural decline of park crowds from how high they were in '22 is pretty natural. That being said, I do think there is a crowd of people that have been fairly loyal to regularly visiting the parks that feel priced out and/or unsatisfied with the parks' additions in recent years. My family has been a Disney family for the past twelve years, but the last time we took a family trip to Disney they wanted to go to Universal a few days (I was the only one in my family who'd been before) and we left Orlando with my family saying that next time they wanted to do a Universal trip rather than a Disney trip. Talked to my mom this weekend and she still felt that way, especially with
Epic Universe opening soon.
They're not hurting for crowds and I don't want to pretend they're in some massive trouble or anything, but I think reputation matters, and in recent years I personally feel Disney has rested on the laurels of their reputation up until 2020. Prices are increasing, and many will be fine with meeting these prices; but for many, their experiences aren't living up to what they're paying. Whether you think you're getting your money's worth will vary from person to person, family to family, but I think it's natural for people who aren't finding Disney worth it right now to take their money elsewhere.
But there's no one single answer to crowd dynamics, haha.