Honestly, I felt TTG's formula was played out not long after the first season of TWD. Choices ultimately didn't matter and, as a result, I stopped caring about their games. I also think the episodic style of game releases is pretty much on its way out.
100% this.
It's like 'Oh you saved X? Well they die later in the chapter or maybe if you're lucky the next chapter anyway. Save Y? They die too. Same place usually.'
Nothing overarching in the story is under your control. Yes, that's also true for most visual novels; but Telltale's whole thing they pushed their games on was the choices mattering.
The fact their games started being pumped out rather rapidly; and somewhat formulaic as well didn't help. How different are their current games from the first TWD? When your games are formuleic and there's no player agency; of course players are going to lose interest.
I do feel bad for the people who purchased TWD's new season and won't get the conclusion however. But alas; pre-order culture.