If I were in EA's shoes, I would definitely switch to letting my studios get on with what they're good at. If they'd done that, Bioware would probably still be a top studio, and we'd still have a Dead Space franchise. The odds of that approach generating solid, ongoing sales are high, IMO.
I understand they want a bite of the live service cherry, but I think they should go about it differently. If you take a Bioware, and force it to make a megabudget live-service game over several years, I think that's an enormous bet on very poor odds. I'd get a bunch of specialist studios, and get them to produce much smaller projects, into early access, on a more regular basis. When it comes to live-service games catching on, I think it's very much chucking darts at a dartboard - much more so than with regular game franchises. I think your odds would be much better with more, smaller tries, and I think people that enjoy those online games are very comfortable with things starting small in early access. If one suddenly seems to have something, and it becomes a bit of a craze, throw more resources behind that, and try to develop it into the next Fortnite.