Until they do something to make standard more affordable I don't think they'll succeed in this revitalisation. Either you print new standard challenger decks every year that actually contain all the game pieces needed for a Tier standard deck, or people will continue to play non rotating formats where the decks are as expensive as standard but will last them a lot more years than standard decks

I don't have the most experienced perspective, and for several reasons I prefer standard to the wider formats, but I like the effort they're putting forward. At the end of the day, I'd like it to be less cost intensive to get into competitive play, but I think that's a non trivial problem.