The issuance changed too, it dropped by ~88%. Doesn't that mitigate the decrease in cost of validating a block?
https://ultrasound.money/Yep, ETH tokenomics turning deflationary wasn't in the calculations. It baffles me that people think project with nearly 200 billion dollar martkecap would have a development team that wouldn't do careful calculations on their tokenomics game theory. That they would push out something poorly planned without enough incentive for people to secure their chain.