There are a few reasons for UW's stagnation in enrollment. The primary one, by far, is the lack of population growth in the state. In 2000, there were 6,462 graduates from Wyoming public high schools. In 2024, there were 6,580.
The reality is that UW does not have even a single program that is recognized as a nationally renowned program. As such, the vast majority of UW students are going to come from inside the state. If UW wants to increase its enrollment, it will have to rely heavily on the State of Wyoming making changes to attract people to move to the state.
I would argue that the changes necessary to attract more people to the state would fundamentally undermine a big part of what makes Wyoming what it is. Slowly, but surely, it would become a lot more like Colorado. There may be a few people in the state who think that would ultimately be a good thing, but I would guess the majority of Wyomingites would not be fans of such changes. What this ultimately means for UW, I am not sure. But UW's enrollment "problems" are far more complex than they might appear at first blush.