Yeah, I've trekked the Annapurna circuit as well as EBC and was struck by just how much better Annapurna was. And Annapurna isn't exactly unpopular, just way less overrun than EBC and way more scenic
I think it is just the draw of the word 'Everest'. I heard that you can't even see Everest from much of Everest base trek. Perhaps someone who has been can verify that?
"Around Annapurna" with Mountain Travel in the early 1980s. I was in terrific shape (at sea level) and thus very surprised at how hard I was breathing after running 100 meters on the Thorong La Pass at 18,000 feet.
Annapurna Circuit has changed much over the years. It feels busier than EBC, because roads go all the way up to Manang and Muktinath, with only three days between them. And Muktinath is a big pilgrimage destination, with ~800k visitors a year.