Have touring metal music festival stagnated?

The following stems from a comment post from this URL:

There's just no way for Ozzfest to tour again the way it used to. Ozzy got out before Mayhem Fest went under and probably because they saw the direction it was going. There's no money in touring festivals like that anymore. The metal community is no where near as strong as it used to be and no where near as strong as Europeans as I saw at Hellfest and Sonisphere a few years back when I went. The most iconic bands are getting older and older with no major stadium metal bands hitting the scene and a lack of support from major record labels. Bands have to tour their asses off at small venues until they get an opportunity like a one off Ozzfest or a Chicago Open Air. Unless there is a major revival of metal and hard rock, we'll be seeing a lot less festivals over here.

And that person got a reply saying this:

This I sadly agree. Heavy metal music is not as appreciated like in Europe or South America nowadays. But in regards to concerts, I think it also has to do with each state's local laws. Some state laws are really screwy when trying to start an outdoor concert. But I am seeing more local concerts this year, it's just a matter of money, ambition, and the crowd(s) that want to see a heavy metal concert.

I've felt that there hasn't been a lot of bands rising up to prominent status to where they can headline a touring music festival. Having to rely on the same artists like Mayhem Fest went out of the window fast. And relying on the classic bands, they simply won't be around forever.

Do you feel that their reasonings on why touring metal festivals have stagnated are legit? If so, why or why not?