Perhaps the best microcosm for what's wrong with current leadership's attitude towards the parks is The Diamond Horseshoe.
This was a venue that had live entertainment for decades despite not selling elaborate, expensive meals and drinks. It was incredibly popular, especially with repeat guests who would go to the restaurant or City Hall first thing in the morning to make reservations (back when they were required). It was the kind of thing you may not have seen on your first day, or visit, but would encourage you to go back and appeal to adults who may not be interested in just going on rides. It's value and worth to the company went beyond what little revenue it directly generated. The show was a part of the overall experience and existed to indirectly support admission and lodging, just like any other live entertainment act in the parks.
Now it's making more money than ever thanks to alcohol sales* and easy to prepare fixed meals that cost about $40/adult but the only thing to look at when you eat is...a player piano. The pre-plated dinners started because people needed a place to use Dining Plan credits when everything else was booked (like Liberty Tree Tavern next door), but right now everyone is paying out of pocket, presumably full price. Are they getting a better experience than those who went 20, 30 years ago, despite paying more? This may be the most extreme example of charging more for less, but unfortunately it's not the only one. I've seen live acts at the equivalent venues in Paris and Anaheim in the past 10 years and it's disappointing to see WDW not even try.
*something MK was profitable without for over 40 years, but do you think any of that extra revenue is being invested in the park?