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People want to feel cool for watching a TV show. Back when The Walking Dead and Game of Thrones were at their peak they made viewers feel like cool kids for watching them. Oh shit you like TWS? You're hip and with it!
By contrast, AEW is so uncool, weak, and effeminate that it emasculates its own viewers. Imagine tuning in to Dynamite and seeing Cope's pathetic pussy promo. It doesn't make viewers feel cool. It makes them feel lame and ashamed for watching. People identify with the shows they watch and they don't want to identify with this sissy shit; AEW has a weak boss, the roster is filled with weak men, the women are getting too much screen time, and the whole thing looks like a gay pride parade now. One of the major reasons people are tuning out is because they don't like how being an AEW viewer reflects on them. It has become an embarrassment.
