I can't really blame anyone for wanting to walk away right now. When they first announced UB, admittedly I felt like people were overreacting. I thought they would be printing UW versions of most cards and that it wouldn't go beyond Commander release 1-2 times a year. Turns out I was very, very wrong. I think I was already tired about the constant UB releases and the encroachment into Modern, but Standard really solidified my distaste for it.
It's not like I hate everything about it, I think they've made some very cool designs that I don't know would ever get made otherwise. But in every case there's a card I like I would always rather have a UW card over the UB card. And the rate they're printing them has made it impossible to print UW versions to keep up.
Power creep is definitely happening, I feel like I'm less concerned about it because I played Yu-Gi-Oh before Magic, and compared to that the power creep in Magic is much slower. Still, it's made me much less interested in Standard given that it was nice to have a lower power format but now it feels almost as fast as other formats. I still enjoy Modern but looking at how MH3 in particular pushed out so many of the decks before it and how Wizards constantly drags its feet on banning obvious problem cards... It does not inspire confidence.
Obviously this new path is profitable, but I hardly think they need it. Based on sales of Bloomburrow and Dragonstorm they likely still would be doing fine with a slower release schedule and only in-universe sets. But it just wouldn't satisfy Hasbro's shareholders and the constant pressure for more profits, especially since WotC is basically propping up the rest of the company. I don't know how long they can keep this up, and I still enjoy so much of Magic that I don't really want it to crash, but there's just so much that's happening the I wish wasn't happening.
I was musing on the power level of Standard earlier but it's still shocking at how much Standard Izzet Prowess resembles Modern Izzet Prowess right now