They thought they could slash staff and costs, and just keep milking it, but players have left. As soon as I saw the plan after Final Shape I knew it was the beginning of the end. Peeling people off the game to work on Marathon is just worse.
Less content, less rewards. You kept some players going, but more and more are leaving. Just go on the main destiny sub-reddit. That used to have tons of people and tons of posts. Good threads would fall off the front page in minutes. Now, it is a ghost town.
Bungie is already gone, but it sadly might just slip from memory and relevance.