The company feels like it's lost it's way compared to three years ago, and it's been clear that senior management still haven't figured out what direction they want the company to go in.
Layoffs last year were really poorly handled and shook the confidence of those who stayed.
Not enough time for engineers to resolve mounting technical debt, due to the pace of new feature work, yet at the same time huge resources have been poured into internal projects that should help engineers radically improve the product, but no-one will take the decision to properly implement.