That makes sense.
Is attendance an issue at the smaller clubs? To be fair, I typically only see them when a "big" club is playing there, which would likely drive attendance higher.
On some level, I can appreciate the fan of a smaller club as that person likely has strong ties to the club and is certainly not a glory hunter like the turds that wear Man U gear here. It is a different type of fandom in that you know that unless all of the stars align (i.e. Leicester, once in a 20 year event), your club has no shot at winning the league. Or, you could hope for a middle east oil baron that doesn't mind blowing a chunk of his fortune to buy the club.
While the EPL is stronger from top to bottom vis-a-vi the various Euro leagues, it is a bit of a shame that the lower than mid-table clubs have no shot to win the league.