The first? People are staying. Why invest anymore.
This does make a lot of sense but honestly I would do it for a matter of "company pride" or "game pride".
They seem to have an unusually high pride when it comes to the FF brand if we're talking about main, numbered FF titles.
I wouldn't raise the yearly budget of FFXI by 1000k$, but surely I would hire like 2 more people?
How much would a low level programmer cost them in terms of monthly gross salary? 3,5k$?
I mean, that's what I would assume barely a difference in their yearly budget, would keep the (small) community happy, would do great in terms of reputation and users fidelization and, last but not least, it would be what I would call highly ethical to a player base who has been this loyal to the company and the brand for so many years.
And they would still keep the incomes positive.
Clearly the "sorry we don't have enough people in the staff" excuse starts being one very weak excuse when with a small budget difference they could hire 1 or 2 more people to put in the staff, no?