>>107685355Combination of things. Let's review:
1. Ironmouse, the vtuber awards, vShojo and every and all Twitch affiliated bullshit. Twitch streamer culture should have zero crossover with vtubing and Ironmouse affiliation with known finger-wagger midwit Connor didn't help things.
2. Cover going public and killing Gura's traction and therefore the western climb as well as ignoring the European market for too long.
3. Unironically, 4chan going down and the Holotower exodus have been devestating. By cloistering themselves they basically gave this board (which is important to actually non-tourist vtuber culture) away to the underrminers.
4. The Indy scene being confirmed as the poisoned well everyone already thought it was. The only corpo that wasn't corrupt (Pixel-Link) ended up being incompetent instead.
The Niji EN stuff was relatively unimportant in the grand-scheme of things. Niji was already culturally irrelevant before any of that stuff happened.
Fundamentally Gura and Amelia not streaming remains the most important contributing factor to vtubing's fall. If you don't think so or think it wasn't hololive related, it's because you're a tourist came in after the fall already started and have no idea what you're talking about.