The Keys isn’t for the common working man/woman anymore/. they market to the wealthy. Unless you are into dunking and bar hopping, Key West isn’t all that. I’ve lived in South Florida for 27 years and been there once And don’t feel the need to go back.Supply and demand. If the hotels were empty, they wouldn't charge what they do. The cost to stay in the Keys is insane, but people keep coming.
I haven't been to Key Largo since 2017 and I've never been to Key West. I can find lodging far cheaper and the diving is better in Palm Beach County.
The only way I can afford to go the Keys is when I bring my RV and stay a State Park and even that is up to $50 a night (and I’m bring my hotel room with me)