Wokeness is part of it, but not the major part. For example, they paid some troon a bunch of money to stream their game, plastered the troon on the front of Arena (their premier digital platform), and then the troon proceeded to not stream due to health reasons and instead lead a crusade against a popular female artist, as it's always women they target, and got that artist canceled for wrong think.
Picture of the troon:
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Edit: Holy shit, look at this disgusting freak
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Then there was an author who wrote Chandra as not being a dyke in one story that caused such massive outrage that they had to apologize and WotC no longer puts author's names on their books to avoid such issues. The Magic community is just dogshit because it was co-opted by troons and once that happen it's all downhill as it's a community that makes excessive noise but never buys anything.
The problem is that they aren't really making money from this and it's more about ESG policies and other government intervention that's pushing them in this direction in most cases.