In my opinion, Bob Iger cared about short term investments and successes and never bothered to consider what would happen if people stopped caring about Star Wars or the MCU. Nothing lasts forever.
However, the biggest issue is that he completely stripped the soul out Disney and I think people started to notice it, too much focus on franchises, too much focus on sequels, too much focus on remakes, and his biggest mistake was abandoning Disney's biggest legacy, which is hand drawn animation, now there's nothing that makes them more special and unique than other animation studios that make the same bland CGI movies. Disney under Walt and during the Renaissance used to be innovative, they are no longer trying and they have become tired. They no longer tell stories, but rather they're here to sell you a product, and this is why people are bored and unenamored with the company.
Can Disney recover? Yes, but I don't see it happening under the current leadership. There needs to be a major change and unfortunately Roy Disney isn't here to organize another "Save Disney" campaign.