IMO it's not a problem that he's in it for the money, the problem is not honoring his end of the bargain.
I do think this is going to trend downwards over time as I said before. Everyone has their breaking point and once they're broke, they're not coming back. The reality of this game is at this point, even if he hit every single one of his goals for the rest of this year and next, I've given him all the money he's ever going to get from me. I'm sure I'm not the only one that feels that way.
Another thing to consider is people at $1 tier level who are subbed to multiple people and just don't even pay attention. I don't think it's a huge number of people, but there have to be some patrons who liked the game two years ago, pledged a buck a month and then WVM got lost in the sauce of their other pledges OR it's such an insignificant amount that they don't even pay attention to the charge.
I wish there was a way to see the breakdown of pledges that are fanatical devotees that will go down with the ship no matter what and people who don't even remember the ship exists at all.
We could debate on what honoring his end of the bargain actually means on a site like Patreon, since I have no idea if anything he actually puts on the pledges is actually binding or not. I always saw Patreon as a " Pay me if you like what I did ", never something along the line of " Pay me and support while I'm doing this ".
We can also have a nice discussion about whether accepting free money is actually wrong. Sure, it may be ethically wrong but if there is nothing legally binding on his promises of content, I don't know which side is more to blame though: the sheep or the wolf who just exploit them? It's 2023, and they have a choice on how to spend their money. If they want to spend it like this, meh, more power to them I guess. I do think it's not a really nice way to behave but never got in that position so I have no idea how I would deal with receiving that kind of money monthly in this kind of grey area. In any case, I really don't want to go off-topic though.
My thought process on the update is just that he needs to eventually deliver something to just keep the faithful who still cares. People who already left won't come back because once trust is broken is way too hard to actually get back. This also seems the way he wants to move by deleting the old post on his Patreon: he wishes to get some new ones and keep the ones he has. History proved that there is only so much bullshit people can take before they just quit on you and I'm sure he knows that.
So yeah, he will drop something this month for sure. He can't be that dense to not see this.