From where I stand, dead game is dead game.
So yeah, a sort of soft reboot with a strong push is pretty much a must at this point if there is any intent of getting the game to get some traction. Just releasing the Guild + spooky ghost set and having radio silence for half a year would achieve nothing. Hell, I'd be tempted to suggest at this point that they don't even bother releasing the 2 player set unless they can immediately follow it up with Kimon and Three Kingdoms starters as well, because trickle release just doesn't work in the current state of the game, no hype, no interest, no traction.
As others have stated, the game is fine, the latest errata I think cleans a lot of the stupid that was in the game, but I still haven't managed to get a game in and the current Malifaux League is going strong, while we had a The Other Side league be started and die a quick death where I was pretty much badgering my opponents to play.
And really, the model problem cannot be overstated. The material quality is bad. The bendiness is rage inducing and it feels crummy as well as dodgy gluing where I had to unglue part of the King's Hand because it wasn't even or another person that had the Artillery Team come completely deformed. The model casting as such is good and there is some solid detail, but I prefer firmness at this point. GW plastic almost feels like an unfair comparison, and I don't know how big CMON is considered, but both have much better sculpting material and the later also comes with prebuilt models and they are cheaper than The Other Side to boot.
Basically, without a true push (I believe those tournament packs still don't exist for example) and a reevaluation of material used for future releases, I don't really see the game ever getting any traction, and I would even dare say that it might not even be in Wyrd's interest since frankly, what I'm proposing ain't cheap, M3 seems to be doing very good on it's own.