The more people take part in the airdrop, the worse it is for the price of the token. The more people take tokens, the greater the risk that the price will be dumped after listing on exchange. In order to avoid such a situation, the projects are giving away very small amounts of tokens and therefore airdrops are not profitable now.
It's because they have less investors that would support their project and most people who joined airdrop are just for gaining profit without actually putting some cash/investment. Airdrop is meant for awareness of the people who might like to use or invest it like what the existing meta nowadays like ICO to NFT. It would be more profitable if people who joined airdrop would support or invest on their project but nowadays few people would only support the project until it gets listed. That's why you'll be surprised when it comes out for the first time on how profitable it is but fading in the long run.
In fact, airdrop is a marketing tool, but over the last few years there have show up so many bounty and airdrop hunters on the forum that in practice the vast majority of tokens go into the hands of people who do not even know what the project is about. Since it has lost its marketing power, it becomes less and less popular among developers of new projects.
The way new projects attract investors attention is by promoting through airdrops. A few years ago, the demand for airdrops was very high,
because the tokens that are distributed are quite large. But now the fans of airdrops are decreasing, because the development team
considered promotion through airdrops to be less effective. So the development team allocates very small rewards for airdrops,
because airdrops are no longer the best way to attract investors anymore. I think in 2022 the popularity of airdrops will decrease again,
even since 2021, I as a bounty hunter have no interest in participating in airdrops. Especially now if we want to get tokens from airdrops
we have to do the KYC procedure, this is increasingly being avoided by many people. Because we get very small rewards, but having to do KYC is
a very detrimental thing.