I tend to agree. It comes down to a bad combination of broadcast companies getting in over their heads on a corporate level overpaying for assets, increased competition from streaming, and a depressed advertising market. Many markets also have too many signals thus diluting the potential advertising $ pool. Salem’s Greenville cluster was sold to keep the company out of bankruptcy. These religious broadcasters have no debt and consistent $ coming in from listeners which puts them in a much more favorable position to buy and expand.
89.3, 89.7, 90.5, 91.1, 91.5, 94.5, 95.5, 103.1, 103.3, 103.9, 105.9, and 106.9 are all religious stations or low powered translators. Many of those are controlled by either The Power Foundation (TheLifeFM simulcast on 90.5, 103.1, 105.9) or RTN (His Radio). RTN raised a ton to buy and upgrade 103.9. This isn’t the first go around for 94.5 or 103.3 to be religious - WMUU had religious undertones and carried preaching at night for 50 years, and 103.3 (along with 103.9) was religious in the 2000s as The Walk. So the market has (shocker!) always been a lucrative place for religious programming. iHeart even tried religious commercially on 96.7 (basically unheard of) in the late 00s before it upgraded and moved to 104.9.