I will have to disagree with this. FM is trying to replicate something that occurs in real life (football) and they have done this successfully to some extent even if it's not perfect yet. Football in itself doesn't change from year to year. I've talked about this a lot but I think FM had gotten to the point where it doesn't need anything big but just little refinements and I don't think the lack of competition is the reason (it might be 5 to 10% of the reason). Lets say for FM23 they had FIFA like graphics and a completely new set piece creator where you can even see you players train your routines, they somehow got licences to use all real stadiums, the regens actually look like real people and you can visibly see them age as they grow older, you can choose an attacking formation and a defensive formation etc. what would you expect to see in FM24? football didn't change, we will still come back to the point that there isn't much left to add other than to keep on refining the game
If you look at the smartphone industry where there is lot of competition there isn't much difference between a smartphone that comes out today and one that came out a year ago or 2 years ago.
I think the "issue" is yearly releases especially as the game is now matured. Even if at this point they are not starting from completely 0, they have to produce something that is playable, add some new things, test it and also give themselves time to fix certain issues before they can fully focus on what they have to do for the coming year. I think the same applies to smartphone manufacturers, laptop manufacturers etc. and you don't have to buy it every year, if you really want to see a noticeable difference then buy the game every 5 years. But this is a completely different discussion
I'm not saying we shouldn't strive for improvement but at the end of the day, no company is your friend, they only purpose is to make profit and in the case of FM I wouldn't expect any huge changes with the match engine at least until they have exhausted all the options they have with the current engine or until it gets to the point where it would be cheaper to change it rather than continue to build upon the old one that they have to change anyway at some point.