This leans heavily into the Wildy is dead issue. Back in the day, PvPing wasn't as optimised as it is now. We didn't know what PID was. We didn't know how to tribrid. That is why it was so popular back then, it was fun for casuals.
Now, it is a sweat-fest. I am not saying that in a harsh way, its just true. The learning curve to get into PvP is so high that a lot of people just look at it and go "nope". Heck, even just learning to escape is a learning curve that a lot of PvM players don't want to waste time on.
The main aim for Wildy is to create the predator vs prey scenario. Unfortunately, no matter how much time and investment Jagex will pour into this, it will never work. PvMers will just simply keep ignoring the Wildy unless its for Achievement Diaries or Clue Steps and Quests.
A PvMer can learn how to escape so they can do the wildy bosses and not lose stuff... or they can just take 3 items and never get skulled. Or they can spend the time learning ToA and get up to 300 invo and have a much better money making method. This gets rid of the predator vs prey scenario because the prey just doesn't care. They either risk 200k and go "I can make that back and more in 15 minutes of Zulrah" or just simply never enter the Wildy unless Questing/Clue Steps.
Jagex won't ever be able to create a scenario where a prey would willingly risk millions (unless said prey can afford to lose it).