In my opinion the primary influencers are no FPs (which is likely a material factor) and abundant park hours. Those 3 hours of EMHs from 6am-9am every day are very efficient at serving a large number of EMH-eligible guests through the land/ride. Then you have regular park hours 9am-10pm, so people have all day to spread out their visits, even comfortably into the evening hours. Take away the daily EMHs and that’s a lot of people that would otherwise shift their park/ride time into regular park hours.
It has been forever since there has been a major ride without FP distribution - it would be (or I guess eventually, will be) fascinating to see the difference with and without them.
It’s also proving to be pretty efficient - no major breakdowns, handles people relatively well, etc.
Probably a few other macro influencers too - theme park crowds in general have felt a little down so far this fall, all for debatable reasons. People may be waiting for the second ride to plan their visit.
Probably some combo of several factors.