You may not like it, but the peak vtubing industry is when the chuubas only sit there existing like Touhou characters. Meanwhile the merch keeps flooding, events popping out, the partnerships growing, while at the same time actual streaming took a backseat only done occasionally. The talent behind the chuubas are basically a seiyuu, hired to voice them from times to times while earning royalties. The industry has gone full circle and its not a bad thing. Less stream, less yabs/potential drama, less risk, more profit margin where the money lies.

Hololive has figured it out, and that's why they are the peak within the industry. Its just good business after all.