I think EoFF competes with Twitter, Reddit, Facebook and Discord for people's time and attention.
Twitter: It's a fire hose, meant for people to consume and immediately forget and move on. Try to find something from last week on Twitter, it's not easy. It's easy to consume and extremely shallow. A forum lets a discussion continue for days or weeks, and it lets you go back and read history easily. No length limit on posts encourages better discussion (theoretically).
Reddit: Too anonymous, too big, which means no one has an identity. You can't get to know a stranger or make friends very easily. People do have an identity on a forum.
Facebook: Not anonymous enough. Not everyone wants to nerd out over video games and anime or talk about politics in the same place they talk to their grandmother and boss. Also has the fire hose problem. Also is owned by a supervillain.
Discord: As Spuuky said, it's ephemeral. Forums are asynchronous. In theory forums should be better for dinosaur-age adults who can't sit in a chatroom 24/7, like many of us are at this point. Discord is the place I personally do most of my online shmoozing nowadays.
With the possible exception of Discord (for now), all of the above are owned by businesses with the main intention of monetizing their users. There's an aspect of fun and playfulness those services could have or maybe even once had, but now they're dry impersonal entities, from the style of communication to moderation or lack thereof to design choices. A forum like this is free to be whatever it wants. Something warmer maybe.
People should come for the shared interests (video games) and stay to talk to their friends. That should be the mission statement. This place is how a lot of people have made lifelong friends or found their spouses (as I did).
I agree with Shoeberto that VB in particular has a lot of friction. Look at
https://discuss.flarum.org or
https://community.nodebb.org for some random modern examples. A little Javascript and dynamic loading can go a long way. Good search + tags instead of forums/directories probably, clear interface, etc. And a mobile version.