The demands for "living wages" to play in a league that produced limited revenue (and that's putting it kindly) are purely emotional/ideologically based and not at all grounded in reality. As you mentioned, completely counter productive to the goal. Nobody wakes up making good money in any start up enterprise.
I feel like there could be interested investors if there was a more collaborative, ground up approach that had buy in from players understanding that as long as there is no money to support living wages playing hockey full time that it can't just magically happen. To be constantly under the threat of walkout when the league isn't at all stable isn't attractive to any investor.
The demands for living wages are because that's the investment required to make a league work as a business enterprise. A league of part-time players with day jobs is going to be too low quality for anyone to pay to see it. You can't take a league seriously if the best player has to quit the team because they got a job offer in another city.
You're totally right about the revenues not being there to pay full-time living wage players, but THAT is the investment required to try and build something that's successful.
It's no different than the US women's hockey team saying before the Olympics: If you want us to win gold, we need enough money to take a leave of absence from our jobs and be Full Time Hockey Players.
Tampa's owner said "use our facilities, support staff and equipment free of charge, so the US hockey budget can be devoted to the players stipend." The players moved to Tampa, trained and won gold.
And that's the exact model a pro league needs, where 8 to 16 NHL franchises have WNHL franchises in their facilities that their owner also owns. (maybe make X dollars of WNHL expenses exempt from NHL HRR).
It needs to be like European soccer, but with different branding. Not "New York Rangers Women's Hockey Club" but your first instinct when turning on a game should be "Why do the Rangers/Sabres look so small? Oh, that's Riveters and Beauts."