You're both right and both wrong.
Because of drop rate, equipment is generally easier than it was on EU, which leads to a situation where you are not needing to get Laedis (unless you want Grim Reaper or the glow).
Because of that, and the fact that many people already have the equipment... They do not need to do IoLS, so they do not participate.
In the past we have had people who tried to run groups, but people either did not want to participate or did not really do much to help clear it, so they ended up stopping.
It's literally just an example of bad content design without enough rewards, and people deciding they do not want to do the content.