Lot of hyperbole in your post.
Canadian markets have traditionally been the breadwinner for NHL with revenue generation through higher ticket prices and lucrative broadcasting deals because hockey has been king, not LA King, for the country's population. ("The confidential document shows that the six Canadian NHL clubs last season accounted for about 33 per cent of the $1.2 billion (U.S.) in league ticket revenue. In 2007-08, Canada’s six teams represented 31 per cent."
For NHL, the cash is in Canada )
The broadcast failing you cite was tied to a regional, cold weather sport trying to find its footing within a crowded, established American sporting culture. They accepted anything and it showed with bad business deals with fringe partners. Meanwhile the Canadian markets fed league revenues and buildings. The short-term currency crisis followed significant labour changes including standardizing the league and team's largest expense, player contracts, into U.S. dollars; younger free agency; and a rape and pillage mentality with large markets raiding smaller ones for elite talent. Kill the game where it mattered and drove league revenue viability was not an option. Leaving monopolistic conditions in Edmonton, Calgary, Vancouver would be foolish and a learned mistake through Winnipeg's relocation to a metaphorical revenue desert.
Bettman has been an overwhelming success in his essentially sole purpose to drive revenue and business success to the NHL cartel ownership groups. The NHL is steadily weaning itself off the overwhelming foundational revenue of its Canadian consortia members. But that hasn't necessarily jived with the viability and success of the NHL game in Canada. Two tier league status now exists and is growing through no tax jurisdictions, new big destination cities who promised lifestyle options, anonymity, and softer working conditions for a new generation workforce less content and accepting of playing anywhere for the privilege of playing the game at apex NHL level.
Do agree though, there's no tinfoil Bettman conspiracy theory against Canadian NHL franchises. He's still stumping and guilting for public subsidized 'housing' for Canadian owners to help their owners and league profitability. But it's secondary to chasing the big money which is continuing to grow the game in the U.S. of A.