Agree, I am one of those that maybe spends $20-30 a month, era pass, and some time a bit more. In previous eras I could turn that investment into higher star toons via the era challenges and get more shards. Sure it wasn't a 7 star toon but I was able to shorten my farming later. I saw value in that. As you point out, I am having a really hard time seeing the value anymore. As whaling is not an option or choice I would make for me, I may return to FTP, or who knows maybe there are other games that focus on fun and not money out there.
Tip for CG: If you build fun, the money will come. If your focus is money, what is your product you are selling? You've got a lot of convincing to do because we are all asking why should I give you money, what do we get in return?