Downloads and metrics are a shitcoin. This could be a severe drop in spam accounts for instance (not saying it is, but the data would look this way if there was a sharp dropoff in spam)

I'd be interested to see zap volume/frequency, that to me is the signal. Active pubkeys is noise. Like trying to get more downloads for a podcast or more followers for a Twitter account, it's a far less meaningful fiat number to chase.

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or maybe people don't find Value in it?

Could be. But I've seen plenty of times with Bowl After Bowl where metrics on supposed downloads/listens do not correlate with moves in value received, so I'm saying that from my perspective tracking active accounts is just not a great indicator of value one way or another