Elite Specs have broken sPvP and unless they're going to hire 10-15 dedicated people for sPvP balance it will never unbreak. A PvP game can not survive with broken specs surviving for 5+ years.
You are right, the mode should be dead. People are hanging on out of nostalgia and dreams of what could have been.
The good news is that you can look at FFXIV and it shows that players love a come back story. Provided the devs are open and honest about where the game failed in the past and are willing to explain how they will address the short comings.