The lack of updates is what killed the game for me. Just give me fresh raids every few months and I'm happy.
It's more that they will do literally anything to de-incentivize everything but the latest raid. Once a new patch comes out, the old stuf is instantly a ghost town becaue they add some trivialized way to get loot that is better than the previous raids could provide. If there was actually some kind of real progression to achieve they wouldn't even need to release content that often. When raids were (by default) somewhat harder and really demanded at least some amount of previous-tier equipment, the whole system tended to work itself out a lot better.
It's all based around artificial difficulty levels now - LFR, Normal, Heroic, Mythic, etc. It's just the same shit with some new mechanics thrown in. For most people finishing a raid is finishing a raid - there's a sense of completion. Only the truly hardcore will KEEP doing it over and over on increasing levels of difficulty.
What they have now is not a good system, and when coupled with the fact that there is really no reason to EVER leave the cities, it's no wonder the game feels dead.