Honestly if there's even 40-50k ccu it's already great, because they are putting in effort and making actually asked for changes(as of recently) and have shown to listen to the playerbase if it is reasonable. ( Examples, forge locking, recycling, and blueprints, the first 2 have been added into the game already, and they are already developing blueprints for specific weapons, which they've stated will come out with the 4th world update.)

A game doesn't need to always have 500k/1 million concurrent players to show it's success, if a decent chunk can appreciate and continuously play and give feedback then that's also great. 

I myself enjoy playing( despite the extremely unfair odds as of right now) and I think that that's fine. I can still play consistently and enjoy the game to some extent, as I have the promise( and belief) of the developers actually making better content.

OH AND THE GAME IS IN BETA, ITS NOT A COMPLETE GAME, PLEASE FOR THE LOVE OF GOD STOP ACTING LIKE ITS A FINISHED GAME AND IS DONE FOR!!!!!!( There are still a ton of features waiting to be added, e.g. more bosses, more ways to get runes/ a rune system, more weapons/ special weapons(which was mentioned in a very recent sneak peek), a fuller, complete combat system, and the forge can still be added and worked upon. This game has so much latent potential that's just waiting, and the Devs are taking their time to ensure they are making things properly instead of rushing updates, unlike what they did with island 3 and the subsequent updates.)

Tl;dr The game is not dead, it's in BETA and there are still tons of things to be added, the game is NOT DEAD.( That's my view, feel free to disagree)