sure, because the users run away. they switch to a different method of transacting that doesn't compensate bitcoin miners at all. just listen to the actual people who try bitcoin. they will all tell you the same thing. they try it, experience fees, then move on to something centralized or an altcoin. the users who lived through those really big spikes are observed swearing to never use bitcoin again.

this is the fee revenue problem. the market won't bear high enough per transaction fees to replace the block subsidy. altcoins and centralized trash are there to soak it all up. there is no way out of this problem without some kind of consensus change.