Every post here makes some very good and valid points and I really do think it's multi-factorial and not just one or 2 reasons. The same thing happened in powerlifting. The equipment kept getting more extreme and the judging was very loose. So many different federations and everyone was a "world champion" that it was hard to follow, watch, compete in, etc. The extreme multi-ply shirts & suits are ridiculous!! We all probably know a couple guys that were 350lb raw benchers at best who could then put on their multi-ply shirt and miraculously bench 550-600....depending on if they hit the groove just right!
The classic physique division is definitely a step on the right direction to get guys interested again and possibly even motivated to compete. It definitely gives the impression that it's a realistically achievable look for the average gym rat. It'll be interesting to see how this division evolves over time. How big & ripped will they let them start getting before they begin to penalize. You can see the evolution happening at the upper levels of men's physique already. That entire division has continued to add size & conditioning over the past 4-5 years. Buendia is basically a classic physique in board shorts. And smooth Danny Hester out just a little bit and put some board shorts on him & he's men's physique at the Olympia level.
I went down a rabbit hole there but I'll finish with this final thought: NEVER underestimate the power of poontang!!! If you're a younger, single dude who's out there chasing the ladies....statistically, you have a much greater probability of getting laid if you have a men's physique or classic physique look than if you have the open class bodybuilder look!!