You are right. Now with leagues removed and the massively printed soulbound cards, standard play is now max level. Not many will pay $5k+ for a new deck with the massive depreciation that will come with it and for this gameplay.
They probably could sell many packs if they put them at a sensible price level $1 each... the days of $4 a pack are done!
I still think there is no guarantee of another alt season, Bitcoin dominance is just going up.. all inflows are just to Bitcoin... one thing is sure, the NFT hype is totally faded..