After decades of being a track fan, I've come to realize that this is the real reason that track and field has died as a sport to the general public.
All the hype in track is around who is the Olympic champion. The only competition that matters is the Olympics. The general public tunes in once every four years to find out who is #1. Since so much emphasis is put on the Olympics, once they are over, there's no need to watch any of the other unimportant races because nothing is on the line.
It's only gotten worse since the World Championships became a two-year cycle. There are now 3 meets in 4 years that matter. Athletes are all aiming for performance in those 3 meets, and nothing else matters. Nobody goes for WRs anymore. You never see head to head competition, because losing makes you look bad.
Imagine if football only had a Superbowl every four years, and in between they played a bunch of meaningless games. Then, a couple months before the Superbowl, they had a 3 game series to decide who was going to be in the Superbowl. People would tune in for the 3 games and the Superbowl and be mostly uninterested the rest of the time.
For fans to be interested, something has to be on the line. The overhype of the Olympics for track is why nobody competes like they did in the Steve Scott era. If track de-emphasized the Olympics, and started emphasizing the day to day competition, people would have a reason to watch. If each individual competition is less important, athletes wouldn't have to worry about losing sometimes. They could go for WRs and not worry about blowing up. They could try different tactics and not worry if they didn't work out.
Just look at auto racing. While there are prestigious competitions that people want to win (Daytona 500), the series champion is based on who gets the most overall points. The champion doesn't even win that many races, but consistency is important. Fans don't watch less, they watch more. They need to tune in each week to see whether their favorite driver is going to move up in the standings.
Even a die hard track nerd like me has become bored watching the few events that people run these days. And the Olympics have become boring to me too, because it's usually pretty clear who the dominant athlete is. With little element of surprise, only the true upsets have entertainment value. I can appreciate watching Farah outfox his opponents, but is it really much of a surprise?
I miss the days when Said Aouita quit running the 5000m because he got bored of winning it and moved down to the 800m where he was able to rank #1 in the world and pull a bronze medal. What athlete today would do something like that and risk getting beaten?
Just my opinion, but I really think track will continue to be a snoozefest until the structure of pay and the championship emphasis switches to something that makes athletes compete regularly against each other.