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I think it's a two-fold issue, an GW cornered themselves with the "no model no rules" policy on one side, and with the "no free rules" on the other.

Basically, they NEED to release new models, and they NEED the books to provide them to players. Their books are (generally speaking) either codexes or of abysmal value, as such I don't see a living edition with periodical "campaign" update as feasible.

Yes, they can (in theory) manage multiple codexes for the same faction within the edition... But I don't think they want that. Aside from the fact that I agree that the current level or rule bloat is barely manageable.
I haven't purchased my new DA codex yet for example, because the expense is not justified until Covid situation improves... and that's the first competitive codex for DA from a decade.

As usual, they'll maximize profit rather than maximize the user engagement... It's their decision and (eventually) their loss.