I also have issues with how the games are covered in media like chess.com, but that's something of a general problem that affects all tournaments, so I'll put that to one side.
The world championship needs to change
@1
"there are political issues with a Russian playing a Chinese player" ++ Yes
"Magnus' decision not to participate"
++ Yes, though interest in a 2nd Magnus - Nepo should not be higher than Nepo - Ding.
"it's almost unheard of for the world's top player to neither retire nor agree to play" ++ Fischer
"the format just isn't interesting and needs to change." ++ Maybe speed up to 90|30
"I play 5-10 blitz" ++ There are 15|10 rapid & 3|2 blitz world championships.

"it's almost unheard of for the world's top player to neither retire nor agree to play" ++ Fischer
Whether or not Fischer formally announced his retirement, he didn't play a competitive game for 20 years after his match with Spassky.
So I'd agree that there are some parallels, but it's a bit different from Magnus still playing, still demonstrating daily that he's the world's best player, and yet having a world championship without him.
GothamChess (Levy Rozman) has been among the first to raise the alarm about the upcoming chess world championship. It supposedly will take place in just under 3 months' time, and yet, at this point, there's no city, venue, sponsor or prize fund.
I think the cause is a lack of interest. Yes there are political issues with a Russian playing a Chinese player, but no doubt the sponsors and venues would still be lining up if this had a significant audience.
A large part of the lack of interest is Magnus' decision not to participate. This is a very unusual situation for any game or sport; it's almost unheard of for the world's top player to neither retire nor agree to play in what should be the most important tournament.
I think, in turn, his decision is because the format just isn't interesting and needs to change.
I'm someone that's crazy about chess, I play 5-10 blitz games every day. Yet I find the world championship pretty dull. The candidates is a great tournament, as is the world cup, but just watching two people play many games in classical time control is like purgatory IMO.