I guess the state of the US economy was going to hit the entertainment industry. Its one of the first spending segments of household budgets that gets tightened.
I honestly don't get comments like this. I've seen the same said about the relative decline of many other companies and subscription services (keyword = RELATIVE).
Feb 2020 is coincidentally when almost the entire world stayed at home. I'd say this shocking coincidence has more to do with it than anything.
Yes the economy is in the pits, but it's not an obvious reason for it. In fact, if you look back through the entire history of economic recessions, depressions and wars, you'll see that cheap lifestyle thrills is actually what increased the most in sales...lipstick, stockings, champagne. I distinctly remember learning this back at Uni. When times get tough, people look for anything to keep their minds occupied and a cheap hobby like gaming in theory should be bolstered more than other industries.