Apparently Apex Legends isn't doing too hot lately as the momentum it rapidly gained since its launch has been deflating nearly at the same pace. It mainly has to do with several factors, one being the game not being as frequently updated as Fortnite.
Without the excitement of fresh content, players are losing interest in Apex Legends. Fortnite, which remains the undisputed leader in the battle royale genre, is the perfect counter example to Apex Legends slow-and-steady strategy.
Epic updates Fortnite every week. A new weapon or item comes to the game at least every other patch, along with new game modes, and points of interest on the map. In patch v8.30, Epic added an entire respawn feature to the game, the new Fly Explosives game mode, and the Buccaneer Bounty event, all just a week after a new weapon was introduced. It’s a breakneck pace, but it’s designed to always give players something new to do in the game. Compared to Fortnite, Apex Legend’s pace feels glacial.
I think they're on a difficult position, but it's way too early to call it a loss. This is the time where Respawn has to think how to keep its loyal fanbase. I like the game and its characters, but it lacks motivation and will to keep playing. The rewards are uninspired, just like some of the skins offered on the season pass. I'm guessing they're still trying to figure out the battle royale thing, but they should offer better stuff fast.