It is not a “huge miscalculation” by any means. They can still add themed entertainment, it’s not a done deal. Keep in mind we are seeing Disney land operate without annual pass holders, and Disney world just with their highest tier pass-holders. Finally, we have the star attraction yet to open. I would hold your final judgement.
You can praise universal all you want, but they have had some serious misfires recently. They aren’t by any means “perfect”.