I don't think it's too late for this change, which I admit is very big. I would argue that soulbound reward cards and removal of leagues were as big or even bigger, though.
As for the people at the top, they have asked us to take hits over and over again for the good of the game. It's time they accept some changes that might not be so great for them personally.
I often hear the argument that whales are the people who bring the most revenue to the game. However, what are whales without the rest of the players? Whales are only interested in spending a lot so they can flex other players. It's very different to flex over 1000 players or 1 million players. Having a lot of other regular players is what can attract more and bigger whales.