I definitely believe the number of hardcore fans have been affected by the current business model. Where a UFC event was must watch TV at one point in time, it has been replaced by an endless grind. Week in and week out, hours and hours are spent in front of a television or laptop watching an endless monotonous parade. At least that has been the experience for some of the formerly self-identified hardcores.
The most loyal demographic of mixed martial arts has traditionally been males between the ages of 18 and 34. There aren’t that many 18-34 year old males who are OK with sacrificing nearly every Saturday night in favor of watching the average fight card.