In my experience there are always periods of inactivity in-between updates for MMOs. Once some updates get released there was be another influx of people. Rinse and repeat. As far as content post soft-cap I do kind of agree with OP, outside of gear treadmill and PvP there doesn't seem like there is much to do. Imo they should add more tools for players to interact with each other in-game. So they can create more of their own content. That being said, there were and are mmos worse off than this one.