PvP is what it is but without a major pve revamp we will continue to bleed players and gain no new ones.
The game isn't -blam!- difficult but my goodness is it tedious. Bosses have way too much health that results in all but the most optimized builds having to do the same mechanics over and over.
There are some interesting ideas and puzzles in the game but if you have to do them over and over it's just a time waste. Not actual challenge.
Compare this to a boss in a FROM software game. Different genre but the point is those bosses are considered some of the hardest bosses in gaming. But the fights rarely last more than a few minutes.
There are ways to increase difficulty or challenge that don't involve wasting so much time.
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All playlists need love in order for the game to keep players. The emphasis on seasonal ‘paid’ content in favour of the core playlists strikes, gambit, PvP means there is no longer replay ability in the game. PvE is good but the grind for new weapons is pointless and not worth it (like you said) but is people are only playing to earn loot rather than enjoying the activities then the game will always die out eventually.