I think it's only lacking a record deal (or for Morrissey to stop being so obstinate and self release or release with an independent label). He's still writing songs at a good speed, and I for one still love what he writes these days, very much. He only needs to release them. His live career is in a great state, he has a solid audience to play to, worldwide, and his voice is in fantastic shape.
I know there's the issue of his reputation, semi-cancellation, etc. IMO his career is still in a healthy state even considering the lost fans, he still has a solid fan base, and I think the tide might change anyway. Probably someone from the Anglosphere has a different perception about this.
Not sure how worrying the lack of a label really is. It has happened before, and not only once either. It's up to him whether to wait or just look for other ways to release his music.
I hope Moz himself doesn't feel disheartened about the state of things.