The common belief from The Elder Scrolls Online fans was that Zenimax was winding down on The Elder Scrolls Online because they straight up moved from a chapter expansion model, which meant a guaranteed major story expansion released every year on the dot, to a season pass model which they straight up said sometimes will mean no major expansions for the year, it is like when Halo Infinite moved from the Season model to what they have now, which results in less content.
The reasonable explanation was: They're doing that because they're shifting over to Kestrel and going full steam ahead on its development/prepping for release, Elder Scrolls Online will be winded down and Kestrel will take over. Now they will have to completely change their plans (again) because if The Elder Scrolls Online doesn't last another 10 years they're getting shut down.
Now I mean, I love The Elder Scrolls Online so I'm not angry about more TESO content obviously but this is such a fucking mess, and I still don't believe even going back to the original chapter expansion model, that TESO has 10 years of life left in it, the combat is already incredibly outdated, multiple MMOs are better "MMOs" than it. The major appeal of TESO is the stories, lore and characters to an Elder Scrolls fan, so I speculate its fanbase is currently heavily reliant on core Elder Scrolls fans and not traditional MMO players.
What happens when they move off it when the next Elder Scrolls releases?