The PC market is very competitive, especially for multiplayer games, and I don't believe For Honor has any qualities beyond its production values that make it stand out compared to similar titles. There are much better melee-focused, even multiplayer, games such as Mount & Blade: Warband and Chivalry: Medieval Warfare. The lack of a server browser hurts it too, especially once the player base continues to drop.
The only thing those games have in common are aesthetics. They play nothing alike. There is a reason that you have to use fighting game terminology with For Honor... because while its aesthetic is chivalry, its more akin to something the FGC would play. There's no such thing as a vortex or 50/50 in M&B or Chivalry. Those games are rudimentary (albeit extremely fun! 765 hours in M&B and 40 in Chivalry) in their combat by comparison.
So with that said, there isn't a better game like this out because there aren't any like it. The base combat of For Honor is great and fairly unique.
The issues imo are server failures, and the massive launches of new titles. Horizon and Zelda took almost all the top streamers of For Honor (CohhCarnage, Retro Gaijin, No1Alex etc.) And its not going to stop soon. Mass Effect: Andromeda is going to be out soon and will hurt even more.
We'll see where things shake out after a few months when they implement competitive ranked modes. If Ubisoft is as diligent as they were with Siege, it will be ok.