As a HUGE D1 and lapsed D2 player, I would be interested in returning if:
1. There was a way to catch-up on the story which was missed. Bungie seem to have forgotten how to tell a meaningful narrative and doesn't require a player to play your game 100% of the time (the main reason I left was the amount of time required to play, I just had enough)
2. A move away from the seasonal model. I know you make money this way, but I'd gladly spend more on one big drop per year rather than everything time gated or drip fed.
3. A sense of mystery. TTK was THE greatest era in Destiny. The story, raid, atmosphere were perfect. There were hidden secrets, lore, fun areas to explore - it was great! More of that sense of a scary place to enter and emerge victorious from
Probably a lot of other improvements I could suggest, but in general you should not just listen to the 5% of hardcore players and instead listen to light users or lapsed users to identify why they left.
It’s a big one! The old style DLCs were awesome. I used to take a day off work to play them and really excited to dive in. The newer ones have been ok but light on initial content and just spread too thin. Feels just like it’s done to get us to keep logging in rather than actually having fun.