All of the games are built on the same foundation, with the exception of skin colour and weapon design. High game entry fees and a high learning curve for new users are discouraging new users from joining the system. Because of the unique teams they have, only early adopters are making a lot of money. The number of unique users registering each day is decreasing, indicating that the hype is fading.
I actually have to agree with a lot of points that you are bringing up OP. In the end all of the play2earn games that are existing at the moment are not played because they just a fun game to play so people are enjoying to play it. The fact that you can make money while playing a game should always be just a positive side effect and not the main selling point of the game and sadly this is still the case with all of the existing play2earn games that i know of that are existing out there already, they are just not fun. Then of course we have the same effects as with every other hype in the crypto space, which means we have hundreds of play2earn games now because they hopped on the hype train of Axies Infinity and only a few of them will survive.