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It's too hot
Not to mention too expensive. The base ticket prices have skyrocketed over 1600% since 1996. In just the seven years between 2015 and 2022, attendees with household incomes of less than $100k dropped from around 56% to 40% and attendees with household incomes of $100k-$300k+ have risen from 43% to 59%. Over the years, it's seemed like the crowd has been increasingly yuppie and increasingly white collar; these numbers appear to back that notion up. I remember seeing a video from a few years ago where Andrew Callaghan was talking about how he paid $10k for an RV spot and 2 tickets. He also complained that a lot of the people there seemed like "weekend-warrior-types". I can only hope that price is with an insane scalper markup or a super deluxe VIP package or something. $10k is an unthinkable price for a weeklong camping trip in the desert, even a really cool one.
That, the heat as you mentioned (I found a chart that demonstrates rising averages and most in the comments are saying the reported highs are far too low), and the floods last year I think have combined to scare a lot of the core demographic away. I dreamed of going to Burning Man for years, but I haven't even thought of it in quite some time since I learned how prohibitively expensive it would be to go.
A ticket is $575! And that's like, starting price. No wonder the average income of the attendees has gone up. They're the only people who can afford to go. The rest of us down here spending our entire paychecks on rent and food can't be wasting money on shit like this.
It's burning, man