The reason for this is the july patch that ruined the game for alot of people because the game became more simple
you are totally wrong. the reason is that a small company like torn banner does not have endless money for advertisment and the price for this fungame is a bit too high. another reason is that casual players (and thats the mass) want to win in these games and not get owned all the time by very good players.
if torn banner announces a few tourneys with pricemoney the game will slowly increase in playernumbers.
personally i think the time is over where you have to buy games. the model doesnt work anymore. there are so many free games to play that nobody is willing to buy games like chivalry. the game should be free to play and you should be able to buy skins for models or weapons ingame like dota, LoL and CS:GO