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It's not that people aren't sticking around Mastodon.

There's more active users now than there were in September. Back then, there were only ~50,000 active users per month on mastodon.social.

It's that a certain segment of registrations were done either in protest, or as a Plan "B" if the Plan "A" (Twitter continues to be a going concern) fails.

That said, if Mastodon is seen merely as a Twitter alternative it will fail.

It's not a Twitter alternative.

https://www.theguardian.com/news/datablog/2023/jan/08/elon-musk-drove-more-than-a-million-people-to-mastodon-but-many-arent-sticking-around