Fewer people are playing. I'm sure Bungie has this data but they won't be sharing it anytime soon.
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I'm not sure I believe it lol. Even if it is true...there is enough to still matchmake 3 man fireteams in under 30 seconds for a fresh strike. The problem/bug/issue at hand is that the replacement finding side of the "code" is not performing.
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This is much more likely. Only happened twice last night where I was dropped into a team of 5 in PvP.