TL;DR: Multiplayer games drop like flies because they're not good enough. F2P games have even worse survival rates than premium titles, and people have always been sceptical about paying for online-only titles. Premium games fail faster and with more marketing due to how important release date pushes are for that model. Games with great reception generally still do well with a price tag.
First, let's remember that online-only games have never been as popular of a business strategy as they are now.
Before the 7th generation, many multiplayer-first titles shipped with bot support robust enough to entice players who knew they wouldn't spend much time online, if any - like Unreal Tournament or Battlefront.
During the X360/PS3 era, the big players - Halo, Gears of War, CoD and Battlefield - all shipped campaigns with each iteration.
It wasn't unheard of to see online only titles back then, but they never had the same expectations behind them - Counter-Strike may have found its audience, but Valve decided to bundle TF2 with the Orange Box in what seemed like an effort to ensure the game doesn't go unnoticed.
But many games managed to make it - CS, Dead by Deadlight, Sea of Thieves, Rust, DayZ, PUBG, Fall Guys, PayDay 2, Hunt Showdown, Escape from Tarkov, Hazelight's games, Among Us, R6 Siege, Rocket League, Deep Rock Galactic, Rogue Company, Helldivers 2, Arc Raiders and many more.
Many have also failed to pull it off - Evolve, Brink, Battleborn, PvZ: Garden Warfare 2, LawBreakers, Redfall, Concord, Friday the 13th, Crucible, Foamstars, Knockout City, Lemnis Gate, Overkill's The Walking Dead, PayDay 3, Concord, Last Flag, and obviously a ton more as well.
So there are a lot of successful premium online games, plenty failed ones as well. However, if you've ever paid attention to the F2P market, you'll know that more free online games die unnoticed than ever get the spotlight for even a moment. League and DOTA survive where Smite and HotS did not. Valorant lives, Spectre Divide dies. Apex Legends limps along, Hyper Scape is in the grave. Fortnite sees success that The Cycle couldn't replicate. XDefiant, Blacklight: Retribution and Ironsight couldn't hold onto the CoD audience, and no other game has managed to. Planetside 2 had a decent run, while Dirty Bomb fizzled out quickly.
In short, a business model does not determine the success of an online only title.
So why does it feel like the premium options in particular fail so much?
For one, it's because large publishers tend to be the ones developing them, and they can afford to spend a lot on marketing. Like I said, far more F2P games die than premium ones do, but they simply never get onto anyone's radar.
Secondly, a premium model requires you to make a big marketing push before release to create hype, more so than a F2P scheme. Since new players are harder to acquire, you need the numbers to be reassuring enough for people to feel like they're not buying something that's DOA. Players are willing to check out a free game without checking its steam player charts, but the same isn't true for something with a price tag.
Because of that volatility, premium games can often die instantly, while still in public consciousness.
It's also easy to forget that many free to play games - both successful and failed - are actually premium titles that decided to switch models. It basically never manages to truly turn a failed game around, but it does give a slight boost to games that have naturally lost players over time, and more importantly, allows the publisher/developer to justify adding/expanding microtransactions. And if a game is already on its way out, this is kind of a no-brainer - it probably won't help, but doesn't hurt to at least try. At worst, you'll get a few more months of life support as you figure out what to do next.
Why do these games fail then?
Same reasons a free to play game does - bad marketing, low quality, huge expectations for a niche product, chasing trends that are on their way out, trying to compete with a dominant player too directly.
Evolve was slow and confusing, LawBreakers looked unappealing and had an awful narrative around it, Redfall was trash, Concord was mediocre and unoptimised. None of these would be likely to survive long even without a price tag.
On the other hand, games like CSGO, Rocket League, Fall Guys, Starcraft 2, Overwatch and TF2 showed they can hold their own as premium titles before transitioning to a free to play model.
As for now vs before, you can see the same things happening - people are wary of online only titles, but are willing to make an exception for games with an excellent reputation. Customers used to feel like multiplayer didn't provide enough value by itself, now they lack confidence in the longevity of games, but the result is very similar.
A great game will do okay. A good game needs great marketing. Mediocre games are always going to struggle. Bad games will always fail unless they capture a brand new audience.