Both Brandon's points are very apt.
As for Komodo specifically, there is no question that the fishing is not as good as it used to be. This is also true of Alor which is not so far away.
As Brandon alludes to, many hot GT destinations go through this process as the fish get used to seeing lures. At Komodo (and Alor) there are other factors at play:
1. Irresponsible anglers killing fish indiscriminately (GTs and others)
2. Pressures from local small scale commercial fishing including reef bombing
3. Declining quality of charters (big factor)
All that being said, I do believe that if the area was visited again by quality anglers who are capable of fishing stickbaits properly, the results would come. The days of a few bloops with a chugger and "smash" are gone, but there are certainly still big fish at Komodo. Komodo is actually at the top of my bucket list for a re-visit (have been several times in the past).
Charles there are newer destinations being opened up now in Indonesia where the initial results are similar to the early days in Komodo. Who knows how long that will last, but the early results are very encouraging. For example, a friend of mine was at a previously unfished Indonesian site a couple of months ago and the first 3 casts with a bog standard chugger induced 5 GT strikes (from large fish). The logistics and costs for reaching these many of these sites remain a bit prohibitive though.
