The writing habit is already formed. We got used to the monetary reward. Without money eventually, the habit will break. It will take time but will break. So people won't be writing as much as they did after some time if things continue like this.
Moreover, we never know if we are just one selected batch of users who are put under this low EPR. When some of us eventually quit MPP, the rates may rise and things may change.
New joiners may get something different altogether. Maybe they too get to enjoy a honeymoon period in the initial few days or months.
New engineers joining in may help in these(strategic EPR appointment) too. Medium also knows that we will hang around at some level and even if we quit there are very high chances that we come back again for that monetary reward. Hence, they are quiet in a chill mode and hence don't care even if we earn in cents.
People who have been year for more than 5 years are already saying that these things keep happening here. A strategic move. And something you can applaud if you think of it as a businessman.