Another typical event where you force players to play with ridiculous modifiers, limited revives, and timers to speed run content to satisfy the few hardcore players you have (which is why your player base has dropped so low (leaving only hardcore players).
You hype up these cosmetic rewards in advertisements but lock them to the 1%...
I don't get when you (Bungie) will realize that your player base most likely has dropped soooooo low because most players probably do not want to grind their lives away with insane modifiers on every piece of content. Not everyone thinks that is fun (only the 1% with no lives that think that being good at video games is the pinnacle of life and want to be worshipped for it).
Most people want to play, have fun, not rush content, have a little challenge, and earn rewards. Not log in to realize they cannot get the advertised cosmetics because they are time-gated and locked to only the 1%.
Also, players want to use all gear, not just featured gear that you want us to use. Why put all the gear in the game if you render it useless in most activities. That's another reason your game is dying. Additionally content and gear, don't take it away.
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You don't know the reasons behind the player count drop, you're just assuming based on your own sentiment towards the game.