VS getting rid of Swim and catalogs really took away a big part of the publicity VS used to get. Like, the first cover of the VS Swim or Holiday vol.1 catalog? That was an expected thing, people always was waiting to know who was the girl on the cover either the liked the picture/girl or they hate it or if they would rather other picture or other girl. The events with different girls, there were like three every month. Actually launch the things with meet and greets with the angels so people would get to meet them if the buy something (which was also good for sells), TV appearances in big shows with the new collections and promoting the girls as well. Everything changed and for that angels don't truly get their names out there with VS outside the VS fandom. The general public pretty much sees them like blonde #1, #2, #3 or brunette #1, #2 or #3.
Let's add that VS quality for the products hasn't been really good for a while and the ones that are quite good in quality are either expensive, ugly, or something you can't find on other store in a much cheaper price. That leads me to other thing... VS has A LOT more competition now than back in the day (not saying they did not have competition before, I'm saying the competition now is more and getting bigger) and, also, super woke people that what everything done their way or they boycott everything you do. There's a lot of factors on VS downfall if you think about it.