Agreed. The travel restrictions are only a small part of the bigger picture. It impacts people from certain states and all international travelers but not everyone. IMHO the top reason people who would normally go to WDW are holding back is still health concerns (travel overall more so than specifically WDW) but a close second is probably people don’t want to go because of a reduced overall experience at the same price: masks required, no fireworks/parades, rides/shows closed, no fast pass, reduced hours, restaurants/resorts not open yet, no character meets, etc... That’s just my anecdotal experiences. I know a lot of people who cancelled trips to WDW this year.
The economy is also a factor for anyone who lost their job, lost a second income or is concerned either of those things could still be coming. While WDW’s key demographic may not be hourly hospitality workers who were deeply impacted some other professions are also impacted. Flight attendants and airline pilots, managers at hotels and restaurants, owners or chefs at restaurants, the guy who owns my barber shop, people who drove for Uber or tended bar a few days a week for extra income that they used for vacations and leisure activities. My wife hasn’t worked since March. She was only working part time, but her whole salary pretty much went towards our travel budget. We are far from starving, but I have a little less to spend on a vacation. The economic impact can be felt at all levels even though the entry level or hourly workers are being hit the hardest.