I hear you, but if you look at the stats, it does better than most others.

http://poolpicker.eu/

It's not only a big drop at at wafflepool.   WeMineLitecoin has lost 30% of their total hashrate.

Is this just all the GPU miners calling it quits or is the hashrate going to other coins/protocols?

I find it very strange and wish I understood it. I really thought that we'd be seeing the total hashrates going up in multipools and the big Litecoin pools.