The old PM is gone, yes, but not necessarily because of licensing.
The poorly thought-out and extremely uninspiring themes, the half-baked ideas for TV shows and films, the terrible QC … all of these have nothing to do with licensing and yet there they are. It’s such things, rather than licensing, which have turned PM into such an unappealing prospect for parents and children alike.
If anything, licensining has helped bring new blood in, and has increased the exposure of the brand tenfold.