It's all economy. If you don't believe so you're not in touch with reality or have money already. People have less disposable income. Inflation has driven up the cost of living. Groceries cost more, cars cost more, gas costs more, housing costs more. Look at the majority of for sale threads, bump, bump, bump, price reduction . . . and still not selling.
As far as the hobby, the core group are the ones who grew up in the seventies and eighties (actually pumping quarters into these machines). We're all in our 50s and 60s, essentially "aging out" of the hobby. Our kids have no interest. At some point, they'll start gathering dust and you'll get to the point where you'll have to downsize or move on. Father time is undefeated.