Yeah, the game didn't go anywhere. It's still there (and I still play it, just a bit less).
Today they launched a new event, High Seas of Tamriel. And I like it a lot! It's much different from anything ESO provides. Of course, I like the naval theme, but it's more than just that. This event is completely single-player, with slow exploration of the underwater world that is full of chill, pleasant surroundings, with any lack of haste and, you know, the usual MMO vibe of getting through content fast. On the opposite, you take your time and (in air bubbles) walk/jump through the area, finding treasures and other surprises (and it's also different from the same ESO formula). Leads to antiquity furniture you find there are now tradeable and sellable, so FOMO is decreased substantially. This event is almost like something designed for another game, by another designer, and the change of pace is welcome (for me personally).
I don't think the majority of the ESO population will like the event because it's very different from their usual ESO experience. But I personally like it!
Also, the update 2 days ago finally brought back the 3-sided battlegrounds, and it's such a joy to play them again. They increased the team sizes (6v6v6 instead of 4v4v4) and combined the queue for the 3-sided BGs and 2-sided 9v9 into one (so it's RNG if you get one or another), and this size increase affects the quality of opposition you get. At least in my experience, these BGs are much harder and thus more fun. I see a lot more really good PvP players there (compared to 4v4), and this is a challenge I enjoy.
There have been other changes in the game, including new content I haven't tried yet, so the game is (still) alive. And judging by the recent tweaks (to class masteries aka class identity etc), the members still left on the team understand what this game needs. Yes, now everything arrives slower, and not all is ideal, but I appreciate their changes.