To me, I don't see the rationale behind not giving out Annual Passes due to park capacity. If I am running WDW (which I am not, btw), I want as many people in those parks as I can realistically handle. People in the parks, spend money, regardless of ticket media. Yes, some may spend more, but each additional person in the parks spending money that isn't there is lost revenue.
I suspect that a lot of this is driven by "game theory" pricing models. However, if you are familiar with mathematical modeling, those models are based on assumptions and quite honestly, are only as good as those assumptions. Predicting future outcomes based on past patterns of behavior only works if those patterns of behavior continue to be the same. Otherwise, your assumptions may change and your model may not perform as well as you had hoped.
From a personal perspective, we've spent less than 5 days in the parks since the reopening of the parks. In the days of our APs, we would go at least 3 times a year (it's about an 8-9 hour drive for us). Now, we mainly just go for Labor Day and
MNSSHP. We've managed to use our DVC points elsewhere, mainly Aulani, but quite honestly, this will be our 3rd straight year going out there in a 2-Bedroom villa and while we love it, I'm not sure I need to go to Hawaii every year.
What we've found is that we are pursuing other vacation options. We used to always go to WDW for Spring Break, for instance, but last year (Carnival Mardi Gras) and this year (Virgin Voyages) we are moving on to other things. We've also got a nice British Isles cruise this summer on Princess upcoming. So, we are finding we are just fine not going to WDW and that, in fact, it was the combination of our DVC points and APs that kept us going multiple times. So, we just don't do that anymore. Again, I'm sure that family from wherever is taking my place, but I don't think that our story is all that uncommon. Give it a few years, and those assumptions that all these modelers have made may just not be the same...