Chess failing to appeal to the masses is a feature, not a bug.
It's a game that requires sustained effort and mental focus - qualities in secular decline. Chess is probably never going to be truly mainstream.
It feels tacky to make big changes to the game to cater to an increasingly fickle public. However, we obviously want to actively encourage new players, and there are tons of thoughtful people out there who will appreciate chess if they're exposed to the game's beauty, just as we once were. There's a tricky balance here.
Personally, I'm extremely happy and optimistic about chess's current trajectory! It has experienced multiple surges of interest since 2020, which have created tons of new adherents. Even if 99% of people who began playing chess because of The Queen's Gambit quit playing after a few months, that 1% who have continued is HUGE! These are "sticky" players who will likely appreciate and play the game for life. Chess pairs perfectly with the internet (impressive for a 1,500+ year old game), and the game is only growing stronger through robust online visibility. We can scoff about drive-by interest in the game generated by social phenomenons and cheating scandals, but these booms undeniably yield lifelong enthusiasts.
I don't think there is anything "wrong" with keeping classical time controls in traditional, over-the-board competitive tournaments, just like I don't think it's "wrong" to embrace light-hearted events like Pogchamps. These should both be encouraged, because options that appeal to different levels of interest and showcase the complexity of chess are a net positive for the game. In fact, the only elements I'm critical of in chess right now are organizations like FIDE, which I view as chronically behind the times with chess's social zeitgeist. There's obvious fumbling going on there, yet chess is thriving in spite of it.
This is a post to say that I think chess *is* modernizing wonderfully. I'm bullish on our growing community welcoming new players while maintaining its beautiful tradition! π