This is the key statement in this entire thread.
The number of hunters in the US has been decreasing as a total for decades, but we don't get that impression out West because of how many are coming out here to hunt. But, as hunters decrease throughout the country that will eventually translate to the West as well. Recruitment is a real thing and like someone said above, once the fashion of influencers is gone, the next generation will just move on to the next thing. Very few of the younger crowd are growing up with hunting being an instilled part of their lives.
Once these newcomers who view hunting through the lens of instagram, YouTube, etc, find out how hard hunting actually is, they'll be out of the game in a hurry.
What happens when the demand for NR tags does go down? What are the agencies going to do to generate that lost revenue? Increase tag prices = lower demand, and on it goes. Then they will start turning to resident fees and we all know the whining that will cause.
As far as cost goes, there will be a time in the not so distant future where the tag will hit a price that certainly will cause a drop in hunters. How many on here will apply in as many states as they do now if the price hits $5,000 - $10,000 for an elk tag? The price of trucks and sxs's was brought up as an example of people having enough money, well, those are purchases that are financed and is spread out over years, not made on a yearly basis....not a good example.
We might not be at the bubble bursting stage yet but it will be happening sooner rather than later.