I think what's hurting the company the most is what's been happening outside of the IWGP title picture. There's been no new rivalries worth a fuck since the return from COVID, no angles worth a damn and no real come up story from any new guy because they've been stuck in the same place trading wins and losses for the past 3 years.
It's not about who is the main champion right now, it's that there's nothing really exciting about the roster. They've been badly needing a hard reset for years and Gedo keeps trotting out half assed efforts with a few months of cool IWGP title defenses sprinkled in here and there, and that's clearly not enough. There's no vision about the future nor anything really and it's depressing as all hell.