I think the moment Deep Blue won in 1997, a lot of prestige in chess was also taken away (and now, we live in an interesting time where we may see the same unfold for go with the fairly recent Deepmind/Alpha Go).
So, chess is now relegated to just a good hobby, and lower tournament entry fees only can help it grow.
Bobby Fischer winning the world championship tripled the U.S. Chess Federation membership by 1973 or 1974. Then Fischer became a recluse and membership fell back toward normal. If Fischer had held on to the title for at least 9 years, which is reasonable to have expected, who knows how he would have helped U.S. Chess.
Of course, his awful manners led one letter-to-the-editor writer to note that Bobby Fischer was the only person on earth who could get all Americans rooting for the Russians, which had a lot of truth to it, so I don't know if people would have been able to stand him for nine years. He'd probably have insulted every religious, ethnic, social, and law enforcement group in the world by then.
Fischer is honored as the one who improved chess playing conditions and prize money. Still everyone agrees that you can't make a living as a normal GM. The pay for the improved playing conditions, the organizers must raise entry fees. Most tournaments I see have are worst than many old photographs (elite tournaments/matches before 1960) and entry fees must have risen to support the increased standards.