re: Is it safe to say the Destiny franchise is done?

Part of the problem is that they have no competition. There's no other game that's threatening their market share to force them to innovate. Hopefully, that's going to change later on this year when Bioware releases Anthem. It looks like a much better third person version of Destiny. If nothing else, it should light a fire under Bungie's arse before they lose all of their playerbase. It's set to release sometime in Q4 2018 (assuming it doesn't get delayed).

Anthem E3 Gameplay Trailer