Genuinely, I think that the Royal family are better off doing as they are now. Doing anything overt - removing titles via Letters Patent etc - while possible, would only give the Sussexes ammunition, and the Royal Family have the incredible advantage - they have the luxury of time, which the Sussexes don’t have.
So, it’s been four and a half years now since Sussexit. In that four and a half years Harry and Meghan have been constantly publicising themselves and their activities. They have some big successes (Netflix, Spotify, book deals) that have worked out to have some big splashes (Spare, the Netflix Documentary) and some that didn’t splash so much (Archetypes cancelled after one season and left with them on bad terms with Spotify, Pearl cancelled, their produced shows only gaining modest interest). Nothing new in the podcast or tv space has been produced for some time now, despite them still being contracted to Netflix and now Lemonada for podcasts, and Meghan having been represented by WME for more than a year now. They have made big wins, but used up their highest value collateral (the Royal family relationship) to do so.
Objectively, I think that would have to be considered as a middling return on the promise they offered in 2020. Netflix and Penguin Random House will doubtless have made money, and Harry and Meghan also, but their successes have not really burnished their reputations. They’ve also in this time suffered from their fair share of public relations disasters, from near catastrophic car chases to being lampooned on South Park. They’ve recently also pivoted to a retail venture, with a damp squib launch (why do this if entertainment production was bringing in the income they needed?).
The other thing of note is that their social capital also appears to be dwindling. Where are all the A-listers and former colleagues that attended Meghan and Harry’s wedding, who were included in her 40th birthday campaign, who appeared on her Archetypes podcast? Nowhere to be seen recently - there are just a handful of them (Mindy Kaling, Abigail Spencer and Katie Couric) who follow American Riviera Orchard on instagram for example.
Where will Meghan and Harry be in another 5 years? Still dwindling? It’s hard to see how they’d turn around their current position if they keep doing the same things as they have been. We know where the Royal Family will be, more of less, with William and Kate in their mid 40s and their children becoming teenagers.