I've asked myself the same thing. Health in CoD dropped enough for it to not be a big issue. So it wasn't the regenerating health that did it. The gunplay in the series remains relatively unchanged either.
CoD's gimmick in 2003, which people often forget, was that you were almost always fighting along side a large group of NPCs. The game had fantastic pacing and scenario design on top of that. It stood apart from Medal of Honor by simply having more intense battles and more "grand" scenarios. It's on-rails sections were fast and intense and served as a great change of pace at just the right times. Both CoD and CoD UO were just really well paced games that had a mix of intensity and scale that no other shooter was doing at the time. Even though they were very linear and highly scripted, there were way more NPCs on screen on both sides and the game used a lot more animations and effects in the distance to make the levels seem larger than they were.
They brought that gimmick and pacing over to the modern era with CoD 4 and it culminated in the biggest and most memorable scripted sequences in Modern Warfare 2. After that they'd pretty much done all that kind of game design really allows. CoD Black Ops, Modern Warfare 3, and later games just ended up reusing all of these same gameplay sequences over and over and the general scenario design just became more predictable and boring. Forced stealth sequences attempting to be as intense as "All Ghillied Up" in CoD 4 got really boring over and over. The games got even more scripted as time goes on. I remember Black Ops 1 and 2 taking control away from the player quite a bit and most games forcing the player to just wait for the NPCs to tell them when to move. It was awful.
The series has just really suffered from fatigue. Infinite Warfare had some cool scenarios and the fun space combat stuff mixed it up well, but I found the actual shooting to be boring because their attempt to mix up enemy variety with the robots was more annoying than it was anything else. The weapons in Infinite Warfare also felt less accurate and effective than previous titles for some reason. CoD 2 introduced this sense of connectivity of your bullets impacting enemies and the environment. The Modern Warfare series had it too. However it seems to be absent lately in the Black Ops series and Infinite Warfare series. That connection of metal and meat is just not there like it was in CoD 2. So that's another issue.
There was also Modern Warfare 2 which stripped out proper dedicated servers and was a poor PC port all together. After CoD MW2, all of the PC versions of the games always felt like an afterthought. The user interfaces are cumbersome and clearly built to be navigated with a controller, some basic controls (like leaning) are just gone for no reason on the PC, dedicated servers made a return only when P2P was no longer cutting it even on the consoles, but there is no server browser to be found (which has its pros and cons, matchmaking can be fine but server browsers foster communities better), and optimization on launch is hit and miss. I've had issues with pretty much every modern CoD game not liking my specific hardware setup.
So for a PC gamer, they kind of started slapping their PC fans in the face beginning with Modern Warfare 2.
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