No, it‘s an audience/artist experience problem. I worked for one of Australia's biggest outdoor summer music festivals through the 2000s (I built a direct ticket selling platform for them). Their popularity grew each year, and, sure, they could have just raised their prices to try and match supply and demand. They 100% did not want to do that because they knew it would completely change the audience demographics and make a less fun event for everyone to attend and a less fun event for the artists to perform at, thus making it harder to attract audiences and artists in future years.

They ended up being acquired by a company that was much more into charging top dollar to big-spenders. The company was ultimately acquired by Live Nation and the ticket prices kept increasing until suddenly ticket sales stopped, and that whole category of festivals is now largely dead in Australia.