Yes, all of it eventually ends up to One's popularity. Both from Superchats and Merch, sadly. And, with the years gone by and people no longer locked inside (like when Covid hit) & the more new talents arose, yeah the industry had become quite shaky. Especially for outside of Japan talents / branchs. Still, the big talents both Holo & Niji in Japan, I believed, still can live off only from Vtubing activities.

i didn't expect him to just kiss and run lmfao
anyways, if u guys confused and interested if he will be okay by focusing only with Vtubing, You guys can watch big Vtuber, indie or Corporate. Their live stream literally showered with moneys from fans. Two of the biggest Vtubing Corporation from Japan is Hololive & Nijisanji, their subscribe, fandom, & the talents itself are crazy in numbers. So, yeah Vtubing can be One only sole income.