My view on this is that the current World Championship cycle achieves the opposite of what it should achieve:
1)There are many tournaments where the best player is not allowed to participate making them tournaments of second bests for no reason other than determining who plays in the Candidates
2)Other tournaments, even those with long tradition, are poisoned by the Candidates because many top players treat them as training ground for the Candidates (hiding preparation or not playing very seriously) or skip them altogether because the Candidates is more important
3) Candidates tournament itself is hyped as the most important event but it by design excludes the strongest player. If you told someone outside of chess about it they would rightly think only a complete moron could have come up with such system
4)Some tournaments with a lot of potential to be fun and competitive (Grand Swiss, The World Cup) cause a lot of controversy because some dinosaurs in the chess world think the strongest player shouldn't be allowed to play. Fortunately saner minds prevailed for now.
What you end up with is a calendar full of events for the second best players which influence all other tournaments in negative way.
Additionally tournaments with a lot of potential (Rapid World Championship for example) are treated as an afterthought by FIDE. 3 day very random event even though rapid chess if widely more popular than classical among casual chess fans.
FIDE does everything to prevent fans from having fun following the game. Imagine half the tennis calendar excluding current number 1 player from participating. It's so ridiculous and obvious watching from the sidelines. Unfortunately a lot of chess insiders literally don't care about the game popularity and think the money they earn grow on trees (or come from the ground as the only serious sponsors FIDE could attract are oligarchs and they oil/gas companies).
I am so happy Magnus is not interested in participating in this shit show any further. His reasons might be personal but it's a great chance more fun formats and tournaments take place and we can all have way more interesting game to follow.