Age of Sigmar- profit & Wounds balance theory

I would agree to some measure on point three: IP.

A lot of what GW has been doing recently is to strengthen their IP. Changing names of models and paints and now entire races to things they can distinctly copyright allows them a stronger point to attack from if they ever run into more Spot the Space Marines and Chapterhouses.

Changing the model line puts the vice on the third party model manufacturers who sell fantasy miniatures at prices far less than GW. So I can see why they change the world completely in both setting and faction. This allows them to create new minis with a different look than a standard "fantasy" miniature so that anything other than their own product won't entirely fit with what's on the table. For example, look at the new Land Marines. The models seem larger than a terminator and has a look that is very distinct from anything else in a fantasy setting. And seeing how measurements are now from the model instead of the base, you can't just play Stormcast Eternal Land Marines with ANY model as it wouldn't be as advantageous.

GW is a business and they need to make money. If things get stagnant then they're not making money. If they spend a tonne of money protecting (or attempting to protect) their IP then that is also not money they are making. There are business decisions in AOS that is for certain.

As for balance. They keep saying that they are a miniature company and that the games they make are supposed to be just for fun and not to be taken to the serious level of a competitive nature. So perhaps they really don't intend any sort of balance at all as that isn't exactly fun. In real life wars and battles are hardly ever exactly balanced yet weaker forces have held off larger ones just as larger ones have absolutely butchered smaller ones.

But, as people keep hoping a TRUE 9th edition is still in the wings, I could say that it would also make sense. They let you play AOS for a few months to a year or so to rehash the model line and pop out 9th when sale start to dwindle and possibly reintroduce points and strategy while now forcing people to BUY ALL THE THINGS while AOS falls down to an introductory game whose rules are free and easily available online for people to wet their toe with.