To see evidence that Bill Watterson made the right decision, all you have to do is look at what happened to the Simpsons' brand. Matt Groenig unleashed any and all restraint on product merchandising. It used to be a clever and insightful commentary on American society. Now it's just sad.
Same as what happened to David Bowie after he died. His estate seemed to let everything of his be merchandised after he passed. Monopoly version of David Bowie, lunchboxes, etc... oof.
Perhaps, but its the show itself that has declined, not driven by the merchandising. "The Simpsons" as a show used to be razor-sharp satire and commentary, and rather counter-cultural. Now it's everything it used to mock, and worst of all, dull as dirt.
The effect of merchandizing at this point is pretty irrelevant.
