Would explain a lot if that were true, but I think success simply got to his head.
I mean, I always feel that peak One Piece popularity both critically and mainstream-wise came during and around Marineford, when Naruto and Bleach were in a considerable decline toward their ending. Basically, pre-TS was an acclaimed series and Lolda was on cloud nine. This was also the time when Fullmetal Alchemist serialization ended, so One Piece had virtually no competition on top (despite obviously being a far inferior story to FMA).
He probably felt like he no longer needed to take any risk whatsoever since then and could do no wrong with his choices. It does not help that OP becoming the highest selling manga of all time means his editors became yesmen instead of voices of reason.
After a decade of questionable decisions in the 2010s, Lolda's faults became a lot more obvious because, I believe since the 2010s until the present day, we are in the middle of a new Golden Age of Manga/Anime (kinda like we are in the middle of a new Golden Age of Horror) where stories superior to One Piece are constantly being produced or released. The rise of webtoons also did not help One Piece's case. Our consistent exposure to such greater standards influence our demands toward One Piece, which subsequently disappoints us, because Lolda is still living in 2010 and not 2023.
I mean, there was a time when I could not think of a "Top 10 Ongoing Manga" without including One Piece. But, now? I'd honestly be embarassed if I include One Piece in the current version of that list.