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The bubble burst.
The "new sneakerhead" culture was at its height around 2011-2013 (The rise of IG). JB and Nike made way too many corny color ways to frequently. Especially foams. Cheaper alternatives like huaraches became popular again. Designer sneakers also have risen in popularity. Things were bound to go back to the norm.
Instagram is slowly losing popularity as well...another factor.
I agree the bubble burst but only in terms of sneaker "culture" jordan brand, specifically the retro line has essentially become mainstream. I think that a lot of us get in the habit of seeing things from the context of sneaker culture which isn't necessarily a good representation of what's going on in the real world. Jordans hype may be declining in the eyes of hardcore collectors/enthusiasts but in reality JB has never been more popular and profitable than it is today.