Ethereum Validator revenue Declining (Patreon)

Ethereum validator revenue has been experiencing a significant decline.

A few reasons I see for this

1) L2's canabalizing the L1

2) Chain usage falling

3) There's been discussion around MEV, where transactions can be reordered or included in blocks for profit, which might not directly benefit validators in all scenarios, especially if the MEV is captured by other entities or if it leads to lower overall transaction fees due to competition or optimization.

4) With the reduction in fees, the revenue from staking (which includes both the rewards for validating transactions and the issuance of new ETH) might not be sufficient to cover the inflation rate of ETH, leading to concerns about the long-term profitability for validators.

This is very unusual mid bull when other chain adoption is going to the moon. I am pretty sure if I see this, alarm bells must be going off in Vitalik's mind.