“Competing Interests”, is a key issue. The lack of a strong governing body, replaced by many entities with their own business or self-interests, often at conflict with each other, and this is what you get.
Not that a strong governing organization would fix everything. Then all of the wrangling, fighting and political maneuvering would happen within that body, like it has in the past.
Anyone who still says “it’s the economy” is looking for excuses. Is it still a factor? Yes. But that is just a cover-up to the fact that the sport in many of its aspects is simply messed up.