I dunno...there was a clear shift in early 99 when they changed the logo and Nitro set. They seemed to be desperately chasing WWF at that point and trying to emulate the attitude era. The booking was bad through a lot of 98 but 99 is when things got completely nonsensical. I couldn't believe they had Nash feuding with Sid for the title like it was 95 WWF
And I love Sid but that wasn't it AT AL.
But I still felt like they had a chance in 99 to comeback because the roster was still deep, it was just everyone was being used terribly. I naively thought the Russo move gave them a chance as at that point a lot of people credited Russo for single handedly reviving the WWF. But he got exposed quickly.
So I think I agree with the OP....Benoit and them jumping ship was the final nail. It just felt like they were out of solutions at that point. They had lost everything that made them so good in the first place and were now getting destroyed in the ratings and the product just came across as low rent now. Nitro was basically unwatchable.