I believe you hit the nail on the head. The Watchtower is, was, and always will be nothing more than a business hiding the fact in plain sight as a religion. Things started to make sense after I was quit being a Witness.
1. What other religion refers to its members as "publishers"? Answer - none!
pub·lish·er
/ˈpəbliSHər/
noun
a person or company that prepares and issues books, journals, music, or other works for sale. - Oxford Dictionary
I grew up as a Witness in the days when we literally bought Watchtower publications at the Kingdom Hall to sell to the public in our public ministry. The magazine and literature counters in Kingdom Halls were cash only book stores.
A publisher's monthly report was their sales records being sent back to headquarters. It was no different than the door-to-door salesmen of yesteryear. Then the change happened.
In the 1990s a lot of tv evangelists in the U.S. were getting investigated by the IRS for tax evasion. This spooked the Watchtower. So they did what any business does during hard times - they changed their business model. It failed.
The voluntary donation arrangement killed the Watchtower. A Watchtower magazine being produced by volunteer labor sold to the publishers for $0.25. In turn the publisher would sell it to the public or $0.25 and then donate that money back to the Watchtower. The Watchtower was getting $0.50 for a magazine that probably cost them $0.05 to produce.
Once the voluntary donation arrangement went into effect I found that many publishers never donated at the Kingdom Hall for their magazines and it was rare to find a publisher who had the courage to ask a householder for a donation. So, do counter the falling profits the Watchtower did what any business does - skimp on the product.
Magazines started to slim down in pages. Hardcover books were replaces with softcover books. Then the frequency of magazine publications diminished. However, this was not enough. So a new business plan had to be created and it was a real doozy.
The Watchtower got out of the publishing business and into the real estate business. Publishers had to mortgage their Kingdom Halls with the Watchtower only to give ownership of the Kingdom Hall to the Watchtower. Suddenly the Watchtower had congregations building new Kingdom Halls left and right.
Today, we see the big real estate selloff of Kingdom Halls, Assembly Halls, and even Bethel facilities. Hundreds of millions of dollars are pouring in to the Watchtower's coffers. All tax free.