Disney has finally burned through all its good will (earned over 70 years) and now they are not even "just another company," but instead actively disliked by a large portion of their formerly most loyal patrons. Couple that with pricing the middle class completely out of the resorts and declining by degrees every year since 1994ish and you have a parks division that is in a death spiral.
Specifically, their biggest errors include:
1. Moving from a "we're trying to turn every family (even lower middle class families) into repeat customers for life" model to a "we're going to pressure young moms into taking their kids to WDW once and spending their life savings on the trip" model - wringing every last dollar out of a guest,
2. Stratifying the guest experience (closing parks for separate-ticket events, paying to skip lines, etc) and then chasing whales (who are fickle) at the expense of less-wealthy devoted Disney fans,
3. Building half-day and quarter-day parks with the "we'll add more over time" attitude - only they hardly ever add more, they simply remove and replace occassionally, and
4. Attacking their most loyal customers in the culture war.
I wrote this in 2021 and it's even worse now ...