@jimbrake. As a M2 skier, I think $$$ killed the M2 division. At 25, when you enter M2, you are no longer on mommy and daddy's bankroll (usually). Hopefully you have a job, but are making the least amount of money you'll make in your life. You can't afford a boat, you can't really afford a new ski, and writing a $160 check to ski at nationals (not to mention the peripheral costs) is painful.
I'm lucky enough to have a decent job and a flexible schedule....but most of my peers aren't that lucky. If you aren't 100% passionate about this sport, it's easy to walk away from bc of the expense of truly participating.
I was the only M2 skier at our state tourney. The tournament director said to me jokingly, "You're the only M2 skier bc everyone else has to work for a living". Unfortunately, I think this was all too accurate.