You can read about the ReScript change here: https://rescript-lang.org/blog/bucklescript-is-rebranding
I wouldn't go so far as GP as to call it "drama", but the split left Reason without a reason (pun intended) to exist or any activity for that matter. Most of the people who liked Reason for frontend usecases moved to ReScript since that at least had some momentum behind it. Since the split, Reason itself has been largely on life support, with no significant changes and almost no forum activity in the past year. So newcomers to Reason see a dead community for a language which is a syntax extension for another language with a (relatively) alive community. The fact that Reason hasn't seen a surge in enthusiasm corresponding to the enthusiasm in the OCaml community with the advent of 5.0 and multicore is proof enough that Reason is dead, and
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projects written in Reason should probably consider moving to OCaml entirely considering there are planned changes to the OCaml syntax for effects which I don't think are going to make it to Reason.
Some people in the Reason world blame the ReScript people for this, which I think is entirely misplaced. The only reason (pun not intended this time) Reason has died off is that there is absolutely no clarity on the future of Reason. The creator of Reason, Jordan Walke, has been entirely MIA for about two years now. A version 4.0 was planned in 2020 and as of now hasn't come up. This issue was opened in Nov 2020 asking for future plans and is still unresolved, and the latest comment from a new developer just makes my point: https://github.com/reasonml/reason/issues/2634.