I think you are arguing against yourself. You say some locations don't work out, but then give examples of how with effort they eventually do. St. Louis is a good hockey town now, baseball first, obviously, but still good for hockey. Nashville was a tough sell at first but it is a rocking place now with filling 100.4% of capacity on average. Atlanta didn't work, but then you just relocate the team. The former Thrashers, now Jets, are quite loved in Winnipeg, also averaging above capacity. Last year, only 6 teams averaged less than 90% capacity. Only 3 less than 80%, and only one less than 75% (Carolina actually, at 71.3%). Vegas, the latest expansion, rocked for attendance and was embraced with a fanbase and a culture that was a huge win for the sportbut not at all traditional.
I think the most obvious argument against you is the demand side of the market for NHL franchises is not tapped out. People are willing to jump in to buy struggling franchises. Let the market talk. Nobody is trying to sell their team (that I know of). But Seattle is chomping at the bit to get theirs, offering up a record expansion fee thats over 10 times what it was in the 90s.
As to the bolded, the NHL is at its highest revenue generation of all time right now. Its been rising very quickly over the years. Its at 4.43 billion dollars in 2016/17, up 82% over where it was 10 years prior. Places like Vegas and Nashville have absolutely contributed to it. And places like Arizona are able to be propped up by revenue sharing, which the owners agree to because opening those markets is good for a game as a whole. The value of franchises is up league-wide. The average value of a franchise was $220M in 2008 and has risen 172% to $598M today. Media contracts are both more plentiful and lucrative. Your argument just holds no water, and you have zero facts to support it.
Facts pulled from following:
The average NHL team’s value is up nearly $380 million since 2008
2017-2018 NHL Attendance - National Hockey League - ESPN
NHL league revenue 2005-2017 | Statistic