I suspect NASCAR's doom lies in it's ability to satisfy the risk requirements of their insurers. It has become a very safe "daredevil" sport. I've been to the races at Kansas Speedway 4 times. There was something missing that I finally figured out.
The announcers are always in a frenzy when the cars are 3 wide, they go spastic if they are ever 4 wide. What allows side by side racing? Speeds below that which makes it a one groove track. The handling ability of the car is above the power of the engine, so the cars don't crash as often, and when they do it is relatively minor. More importantly, they stay on the track.
I've noticed they never brag about qualifying speeds, they focus on times. If anyone was paying attention, they'd notice the cars are slower than 20 years ago, particularly at the superspeedways. They like to say the race is won in the pits, which becomes more true when they are spec racers running on a multi groove track.
I am sympathetic to their dilemma, but understand it can never be as exciting as it once was. Either enjoy it for what it is, or follow something else.
The exciting part about this qualifying format is that we get to see the cars run in a pack with qualifying engines that don't have to last. I liked the pit exit strategies and did think it more interesting than normal single car qualifying. Fun to watch teams adapt and develop strategies to succeed in a new format.
It is more dangerous than normal single car qualifying, so it will likely go away. Cars in qualifying trim running in a pack are more likely to leave the track too.
Ideally cars would line up by who has the fastest car on race day. Time trials run without race set up doesn't do that, but it is the best we've got.