Yeah. My tinfoil on why there hasn’t been a true new Persona game in almost ten years (P5 base was 2016?) is because Atlus et al realized this.

Going back to the same stories but with new content or better graphics lets people rely on nostalgia. Doing something new set in the same high school environment (which is a big aspect of Persona’s themes and motifs) makes all those 30 and 40 year old fans start to question what they are doing with their lives.