The whole situation has many steps which went ‘wrong’ in total.
First off: The quantity of MTX.
If there’s too little then you won’t find anything which entices you. The chance is simply substantially lower.
Secondly: The visibility of MTX.
Quite a bit of the MTX available is barely visible at the best of moments, not to speak of when you’re in the middle of the fray.
Third: MTX is only seen by yourself.
While not inherently bad when it’s seen by others it allows the extra boasting effect. Social perception simply. It’s a very important aspect, especially in a live-service game.
Fourth: The game lacks longevity.
A single playthrough is extremely short for a live-service game. And top-end farming is one of the most unrewarding ones out of all live-service games in existence.
Fifth: The game is not massive in replay value still.
Yes, many will now scream out ‘but there’s so many builds!’. The crux of the issue is that the majority of builds are extremely close together in behavior. We got only a very limited amount of skills and in several cases it relates around adjusting a core skill in several different ways. Spellblade specifically has this issue with nigh every build being Mana Strike for example. They differ in building… and they all feel very very similar.
Those are the core issues I see in relation to the MTX value directly related to in-game.
Then we still got a few more outside the game.
Sixth: Reliable content drops are not existing.
This has to do with how often you’ll come back and hence get to use your MTX potentially again. This are the Cycles commonly for many people. Less Cycles means less MTX usage.
Seventh: Lack of security.
With that I mean that since a short while now players are unsure if their MTX will ‘stay’, given that people are not sure if the company will even pull through. This obviously causes more reluctance to spend money.
Eight: Lack of trust.
Also a major aspect now. Since EHG didn’t uphold or went back on things that were established it reduces the amount of people wanting to spend money because they don’t trust in the game going in a direction they can stomach as time passes.
Well… that’s my list of the issues.
Some could’ve been solved.
Some should’ve been solved since ages.
Some are baffling.
And some are sad situations which are the follow-ups from the others.
But all in all each of those points reduces the chance and the quantity if payments. It’s perceived as ‘not worth it’ more likely, or for the quantity even something existing to entice one in the first place to even think about spending.