It is very unlikely thing will ever going to be the same as they were during the hype for Play-to-earn projects. In case you did not even know, Axie Infinity did not lose much of it's value because the end of the hype in their ecosystem, it also happened because their ecosystem suffered a very serious heist back in the day, when north Korean hackers managed to steal hundred of millions of dollars from their liquidity pools.
Trust on the project has been since shattered and nothing impressive has happened since the hack and the end of the hype and fomo.

People willing to gamble some of their money would prefer to money onto other projects and not to put money on the chance of that Play-to-earn game to make an historical comeback.

It had much potential, but they blew it when the business model, in my opinion.