The reason destiny 2 is dying is because it lost what it was. It died in lightfall. People came back only to finished the light vs dark saga only.
The game lacks the creativity, the spark it once had. You brought back d1 raids but have over 7 perfectly good raids that should of stayed. You killed off calus, his vibe, the storyline for him was butchered and those who didn't get to play year 1 (red war) missed out. The game was grindy but in return we got guns like not forgotten, Lunas howl, the sniper from forge. Recluse, mountain top and so many incredible guns when they were in the prime they were worth the grind.
You removed the fun from eagers edge because people would die to it. You removed worldline skating.
If you truly listen care about destiny 2, you'll listen to what players are telling you. Especially your core player base who have been asking for hard content, but things that actually challenge you not throw in a few champs and call it a day. Worlds first was a challenge, now people are refusing to do it because of how you manged it. Rather then day one it's contest. Rather it being about the 10% of the hardcores you've catered to more casuals.
You're not challenging people anymore. You're not rewarding people for grinds anymore. You're more worried about ever verse then you are about pvp
So how can you fix it?
1. Higher mobility in the game. People love the movement in destiny 2. That's why they play for some. Why not expand upon it?
2. Add and care about the pvp in the game. If people have to play to get items, then make it worth it. Balance out guns, make anything usable. Bring out quests for crucible that actually are a grind but for a top-teir gun for pvp. Add NEW maps and smaller maps with different ways to play.
3. Add the old raids back. I'm sure you're probably hearing this. But realistically, that would bring back a large portion of the old raiding community.
4. Add content that is challenging for the mind just not higher enemies. Add puzzles and time gated things. That's why outbreak was amazing, that's why whisper was loved. Because they were challenging and rewarding.
5. Listen to your core player base.
6. Get rid of the portal. It's terrible. No one likes it. Please just remove it.
7. Rather then focusing new subclasses in destiny 2, focus on story. Intresting and different gameplay. Use forsaken and it's seasons for a guide.
8. Ask the original devs what they would add. They created the game. They built this game brick by brick. People loved the game because of what THEY did. Go back to the originals. Ask for help.
As someone with around 7k hours, I really do hope you take this into account. I quit at lightfall and tried to come back. But destiny 2 isn't destiny 2 anymore.
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Actually, people hated outbreak and the whisper quest due to timers.