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I feel like she had lost trust with her fanbase, therefore also her drive to actually compete and succeed in tourney/challenges or make good content in general.
It's certainly unfortunate, but i can't really blame her given her situation.
before the chinkout in 2020, Aqua has 50% of her income (SC or similar) from chinks. she gets tons of sponsored lives and songs from bilibili, and most of the chink mafia running the subs/clip scene on YT are her fans to begin with. needless to say, it shows that a large if not most of her fanbase are chinks. and Im sure she knows that much as well.
when coco's yab happened, she tries to salvage her chink fans by avoiding her or talk about her unless it was necessary.
Although it may seem like she was 'betraying' coco for chink money, i honestly believe she just can't bring herself to abandon her chink fans that had been supporting her all those times (at least thats what would it seem to her). Obviously this was a critical mistake, she was still in her early 20s by then and not everyone can be as based as FBK. She chose to trust her fanbase instead.
I remember she kept telling her viewers not to attack/harrass other vtubers after every second stream she does, alas we all know how effective it was in the end. The harrasment continues despite her efforts and by coco's graduation announcement, she probably thought she had lost most of the connection she used to have with her fanbase.
Of course, I'm sure most of her actual fans supports or doesn't care much about the taiwan yab if at all. But being a retarded young women, she most likely blames herself, and her fanbase by extension, for what happened.
And from there, the amount of 'love' or effort she gave to her fans begin to drastically decreases. from long hiatus to another, and relatively low effort contents such as utawaku and zatsudan, her actual fans also begins to leave and stopped supporting her somewhere along the lines.
her 'promise' last year to dominate the next mario kart tourney was made from her to her fans. of which, now are just a shell of what it had