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Now imagine the same situation, but with Smite taking the place of the strategy game, and it has 0 players online. In another genre, you might not become mega-popular, but someone will still play it.
But that's not the case. Take, for example, the universally criticized and failed Rome 2: Author
4,983 players in-game
And it has already been bought. Even if it had a strict 0 players, it's already been bought, and the real value lies in whether enough people were interested in the game at launch. There's a suspicion that in strategy games, "someone will still play it," but in other genres, unfortunately, that's not the case.
For Smite, it seems that his entire business depends on those 3,000 unfortunate players, because due to the free-to-play model, the profit is heavily distributed over time. Another question is that it can still theoretically bring in more, even in the case of its unpopularity, because some whales continue to donate. But I wouldn't bet on that either: based on my personal feelings, whale players are more likely to get into new, popular online games, quickly level up in them, while simultaneously buying everything in the store, and then just as easily uninstall the game forever for another one.
upd. In simple logic, since Smite hasn't shut down its servers yet, it means it's bringing in more money compared to the costs of maintaining it. The question of whether it has actually brought in a lot of money, or just "so-so," is open.