Certainly seems like he has been in a mode of essentially cashing in on CVH nostalgia for the last several years.
Little to indicate any sort of burning fire or desire regarding creativity.
Maybe he's just resigned in his own mind to the idea that the bulk of the public still interested in his career are primarily interested in what he did from 1978 to 1984, and what point is there for him to even bother with a new record label or putting new music out there if so many in the audience are mired in the past?
Probably easier to make home demos just the way he wants to make them, rather than compromise with producers, lead singers and the like...all of that requires more effort, and to what end?
Dude just has to slap an EVH logo on whatever and tour every few years to fill the coffers. Leaves him more time to sit around his home studio, get drunk and "noodle around." Path of least resistance.
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