Franco and Nacho both told me more than just piracy (nobody paying for MuscleHunks anymore because it was being uploaded to various sites for free), Ulrich stopped producing new content because he fell out with the Latin American promoters and bodybuilding federations.
There was a big contovrsey shortly before he essentially closed the sites in 2016 when a bunch of Peruvian bodybuilders were outed as MH or Powermen models with the accusation that the Peruvian federation was funneling bodybuilders to Ulrich's sites and even taking some of the cash too.
Ulrich had been a fixture on the South American circuit for years. But not everyone in these federations liked their bodybuilders posing for such sites. Franco told me that several other bodybuilders told him he only won competitions because he was one of Ulrich's favorites.