The overwhelming majority of APers are locals. While some are big spenders in the parks, others go once a week making each visit cost less than $20. And they eat at home or locally rather than the overpriced food venues in the parks. And they're not leaving with bags of merch each visit. And they go when its crowded (that's why lower tiers had blackout dates).
So, it's those local APers that are the issue.
Now, for you and me who do several week-long trips to WDW are probably very much treasured by Disney since we live in the bubble for a week. The AP was, in effect, a discount on tickets for us, but we get lumped in with the local APers (in fact, local APs can go even more cheaply because of FL discounts).
It'd be nice if Disney instituted a type of membership club that gave a discount to tickets so that those who go several times throughout the year can get back their frequent-guest discount. (In fact, such a thing would solve all the AP issues, IMO.)