Madonna’s problem is that her act has always projected an aggressive sexual vibe and most people don’t respond to that once the person gets to a certain age. She was also never a great singer or dancer, it was mostly about spectacle. If she’s no longer able to provide that experience, audiences are disappointed.
I’ve seen a lot of aged musicians perform. The old blues guys can go forever because their voices are supposed to have character. John Fogerty is still great and wisely fronts a band of young hot sidemen so you still get that sexy vibe. Those known for their musicianship rather than their vocal ability fare the best. Gregg Allman could still play brilliantly long after his voice lost its range. There’s a reason that mid-sixties is considered retirement age for anybody. The body has an expiration date and you won’t get peak performance forever.