I dont think you're wrong. But i do feel it's part of the natural ebb and flow of all things. That initial honeymoon phase where everything was new and innovating at breakneck speed has understandably faded. But the core of what makes nostr good remains as long as people who seek it come.

Call it bear market nostr. What do we do in a bear? Build. Build something cool and inspire or help others to do it too. The right people will come. It's the same philosophy I carry regarding IRL meetups