The core reason most F2P games fail after that initial launch is because they were built first and foremost around monetisation rather than providing a fun experience. Most gamers can see this coming from a mile away and steer clear because the game has been designed around the idea of extracting money from players. Maybe some of those mobile games do turn a decent profit but they are hardly classic games in any sense of the word. In other words Baby Shark might have made double the money Everything Everywhere All At Once did but that doesn't make it a quality piece of art.
Fortnite might have a lot to answer for with regards to the Battle Pass mechanic but this has proven to be a good way to engage players over an in-game season. I know you mark it down for not keeping things around but what keeps the title engaging is its willingness to just rip everything down and rebuild it every 3 months.
But as you say, this doesn't work for every title. Destiny 2 is an incredible game but locking away story content is not cool and it is an incomprehensible game for new players to get into. The onboarding is atrocious.
Final Fantasy XIV gets it right. Kevin Costner was right: build it and they will come. No fuss, no loot box mechanics, no passes and no predatory limitations: Square Enix just built a quality, engaging game and locked it behind a monthly sub.
Its not rocket science. Heck, Sega managed it first go with Phantasy Star Online on the Dreamcast 23 years ago, a title that is still more engaging than 99% of F2P titles out there.