Counterpoint : PVP itself is dying because PVPers are toxic and disagreeable.
PVP itself is pretty fun if everything is sandboxed but even then the community will pop on and be like “Why does this gun shoot bullets?” and then your boss reads that comment and does a focus group on what a gun should be shooting and suddenly your entire development shifts and you’re making a game about soupomancers that shoot soup at people and everybody does a really good job on it and the studio spent like $100,000,000 on it and it launches and everybody hates your game about soup wizards saving the world.