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The "disagreement" or "difference in direction" with the company isn't just a convenient excuse for graduation. it's very real and it could be a valid reason for your oshi to leave the company in the future.
It's not shady investors, nor is it the evil idol culture boogeymen. The big "change" in direction has always been shown front and center, it's pic related.
For some, if not most of the members, there was no change. to them being larger and larger every year reaching newer audience to grow their fanbase was always the goal of their activities.
From the moment they sign up, to where Cover is today, it is just the natural progression of a global talent agency. Most hololive members are on board and see this mission as where they want to be and eventually will need to tackle on. Unfortunately for a few members, this desire does not hold true.
Having a larger audience means bringing in some issues, a lot of them in fact. Their content now is being consumed by all sorts of different people, a lot of them doesn't share the same values. some are just there to cause trouble because that's what happens when the group become too successful, they offend those who aren't.
Streaming in hololive is an entirely different beast now than it was 4-6 years ago. Bad news if a talent didn't like how it is now compared to then, the contrast will grow even farther as the company tries to please an even larger group of different people, eventually everyone.
Aqua graduated 3-4 months ago only to redebut after a month as an indie with the same goal and desires as she had in hololive. Why did she do that? because she just wanted to be an idol for her fans, she has little care to an ever expanding audience and complying with the company to welcome such an audience becomes a baggage for her. rather than trying to watch her steps over a constantly growing list of Do's and Don't, she chose to be risk-aversed as she always was and end her story while she still could.
Fauna never elaborated on what her disagreement with management entails, she loves hololive and she wants to be in hololive but she sees herself as not much more than a streamer, an unambitious streamer. Gura in her mengen stream said as much, she's one step out of the door and public streams unironically gave her anxiety now. How long would she endure this when all she just wanted was to spend time with her fans?
Unless Cover reconcile the direction of the company with the needs of the few holos who doesn't subscribe to an ever-increasing bottom line, more talents will graduate. With more graduations, fans will lose their good will and their new debuts and ventures won't get the same traction and affection from fans compared to when all their talents needs are properly fulfilled. Cover will be reminded that A culture loved by all is a culture loved by none.
