This mega company is running out of opportunities. I think owl could have been way bigger. You don't kill off your competitive scene. It is a breeding ground for skill and intrest. Just like korea was a breeding ground for skill given the sheer number of competitive players in close proximity.
Also screw sportsball models. The whole point of video games, programming, and computer systems is that you remove many limits of reality. If they developed a world cup viewer style client with options for announcers and with ads (tastefully) that would have helped.
Right now activision is losing. Literally their best product is classic wow in terms of actual quality gameplay mechanics. In terms of money well the pay to win bill might crush them. Cod is dying even though the last iteration was fun it was killed trying to ride the battle royale train and adding monitization. There are a ton of other examples of games that are in trouble. Overwatch actually touched greatness but when it was time to step up and hit the next level of gaming that everyone wants it just foundered. It's clear that the gameplay experience was falling behind with a poor system of balancing (using new characters). Combine that with owl killing off many interesting and exciting competitive scenes and the competitive ladder itself being somewhat stressful. Players have less excitement near the top end and they could have had it for free if blizzard just let 3rd parties have an existence.