It's both. I loved the SNES and PS1 days of FF. I also liked FFX more than most people I know. But ever since 12, I feel like they've just been on a downward slide. I was absolutely caught up in the FF7 announcement hype, but the direction they choose with building a brand new game from scratch and trying to stretch it out across 3 full games and a decade was a big nope for me. I just wanted the original game with prettied-up graphics - like the Resident Evil Remake. I still haven't played the FF7 remake even though Sony gave it to me for free at the beginning of the pandemic.
I did buy FF16, started it, but really wasn't grabbed by what I played so far. I feel an obligation to play it more than any excitement.
It just feels like Square is milking the shit out of FF with all the spin-offs, sequels, etc. and the quality has gone downhill. We're getting a lot more FF, but I'd rather have less and better quality.