It is an industry as a whole issue, from the breeders, to the tracks, trainers, the Jockey Club, the players,fans and gamblers, the data industry, the owners, grooms, feed companies, farriers, farmers and agriculture, and even John Deere. Talk about a trickle down industry, horse racing and breeding and the gaming affect so much and so many that it is hard to fathom why so many in the industry are not running around with their hair on fire and shouting that the sky is falling, because it is.

As for the breeders, Golden Pal almost covered 300 mares his first season.
If he covers close to another 300 mares in his second year, he will have covered almost as many mares Northern Dancer covered in his whole career.
See the problem.

Foal crop down, entire states losing horse racing, can't buy a racing form at Churchill properties, the takeout rate is too dam high, can't watch Churchill affiliated track race replays on DRF, Equibase data costs are ridiculous, tracks owning CAW's and giving themselves a takeout reduction to themselves, the abuse of PED's, the lack of transparency in sales and information provided to the player, why would any one in their right mind get involved in this sport.

You have to truly love the game to be playing right now, and be willing to literally donate your money via wagering to try and keep it going. Who does that?

No one has a loud voice in this fractured sport, and if they did, no one would listen.
And the it's an old man's sport, or the fan base is dying off, or it's a niche sport are all straw man arguments. The sport does well in other parts of the world.
They all had the same problems the industry has here , the only difference is they addressed them while we bury our heads in the sand , and the industry will be eaten like a carcass by vultures until nothing is left.