The number of people forming ToMM runs has dropped significantly. I rarely see anybody doing MZC. Only 6 people online from my friends list. Only 4 online in my guild. Its 7pm on a Sunday, there used to be a lot more people around at this time. I know the number of players ebbs and flows in between Mods but we're only a few weeks into the newest one, it shouldn't be this dead. I'm not trying to be an alarmist screaming the game is dead, but it certainly is tonight.
My suggestion for the Devs would be to push up the next episode in the campaign so people have more to do in Sharandar. I've run VoS numerous times now but once you've got your drop from each boss there's not much incentive to keep running it all week. It's a major consumables dump, especially when the bosses suddenly turn their cone attacks and insta-kill you. Also, for the next mod you should consider adding a Skirmish in addition to the Dungeon or Trial so the lower level players can experience new content as well. Even if the campaign is locked out to them because of item level, having something new to run that the higher level players in their guild could enjoy too would help everyone.
But more importantly, fix the rewards system. Nobody wants to spend a half hour or more in dungeon if the reward at the end are Blackened Jaw gear or a black opal. I've seen some very detailed posts here with great suggestions on fixing the reward system and RNG in general. I hope the Dev team is actively considering them and working to implement changes asap.
TLDR: People are bored and the rewards suck.