The doomsayers don't really understand the restrictions in place on Safer Seas are plenty enough to make them unappealing to quite a lot of PvE players. It's not what I expected in terms of concessions, but I think Rare have been quite clever about this.
It's 30% of 100%, which is base value, when the real potential on the High Seas is 250% (Grade 5 Emissary) and even more, 375%, at Gold Rush. PvEers are smart enough to work out that they are not going to sink too many times to make that profit worth ignoring.
And, no matter what people say, they do care about the gold, milestones, owning a ship, Athena commendations, and more.
You get the donkey to move by dangling a carrot on a stick, not beating it to death with the stick.
You will see PvEers (and runners, too!) on the High Seas still, I guarantee it. But you will see less (not none) new players, low level voyagers, and Tall Talers taking up spots. That means more potentially high value steals for PvPers.
This change had to be made now, with the threat of losing players to great games that are finally getting released after pandemic delays - a pandemic where Sea of Thieves flourished because of its social aspect and the tireless work of the devs to keep it updated.
Competition is coming from Skull & Bones, too, though not a direct comparison, it's still an online pirate game that offers those safe spaces for its players. This change was inevitable if Sea of Thieves is to survive.