It has been a while now, so I am a bit fuzzy, but I think Speedy's general annoyance was that skaters became stars via ISU competitions (tho the Olympics is, strictly speaking, not an ISU championship) then instead of continuing to provide star power to help him sell ISU events, they promptly left to make their money in pro events, shows and tours. This annoyance kind of came to a head after the 94 Olympics.
In the US anyway, there was huge media interest interest in skating at the 94 Olympics, due largely to the Tonya-Nancy mess, but also to the return of the former pros. The men's event had the last 2 OGM (Boitano & Petrenko) as well as Browning and the younger eligibles. Pairs also had the return of the last 2 OGM (G&G and Mish/Dmitriev). Katarina Witt added drama and style to the ladies event, tho she was not expected to be a factor. Dance had the return of Torvill & Dean, the most famous and popular ice dancers ever (and still). So as the ISU was basking in the glow of all time popularity post Olympics, every one of those stars, plus the new ladies gold & silver passed on the 94 Worlds. (This seems normal today, but after 92 Olympics, the only medalists who passed on Worlds were Ito & the Duchesnays.)
The ISU decided that in order to keep future champions from "going pro", they had to create similar income opportunities for their stars within the ISU structure. So, they turned the biggest of the early season events into the GP series, added the GP finals, and added/increased prize money for the ISU events. I think there may also have been some changes allowing eligible skaters to get paid more for shows/tours than they had been receiving, but I am not sure.
The ISU also eliminated the reinstatement rule that had allowed the returning Olympians to compete in 94 and made the rule we see today that says absolutely no way, no how can anyone regain competition eligibility after losing it by participating in a pro competition.
We saw the net effect of this after the 98 games, when some of the medalists opted to either continue competing on the ISU circuit (most notably Kwan) or stopped competing but avoided pro events that would cost them their eligibility (most notably Eldredge + Stojko?). After Kwan skipped the fall 98 GP events in favor of college and a few shows, the ISu started adding rules requiring top skaters to participate in the GP events if they wanted to go to Worlds. So in the next few years, the ISU kept making it harder and harder for skaters to retain Olympic eligibility without actually competing in the full set of ISU events, making these names unavailable even for shows. (One of these rules is the one that caught up Plushy and nearly caught Rochette last spring.)
All this meant the pro event organizers had to rely mostly on the older stars to market their events. It did not help that Baiul didn't have Kristi's staying power and that Lipinsky held herself out of any but the cheesiest events.
I don't mean to imply that the ISU single-handedly killed off pro skating. To some extent, the promoters did it to themselves. As the mid-90s boom in pro skating happened, there was no overall governing body to manage these events, so any promoter who thought there was money to be made came up with another event. The CBS television network lost their contract to air football in the fall of 94 and came up with the counter-programming idea of putting skating on Sunday afternoons during the NFL season (mostly featuring Baiul & Kerrigan). All this led to some seriously cheesy events and serious over saturation of the market. Even more ardent fans like me got more than enough figure skating.
After a few years of this, the public was sick of seeing the same folks over and over in cheesy, made-for-TV events, and even the more legit of the pro competitions were hurting for competitors people would tune in to see. I don't recall which year, but I think maybe about 1999, the World Pros folks were so desperate for talent that they reached an agreement with the ISU to allow eligibles to compete at World Pros along with ineligible skaters, using a compromise of program rules. This led to what was probably the worst World Pros ever, where we got mostly eligible skaters doing that season's SP followed by watered down versions of their free skates. Most of the pro skaters were so dubious of this deal that they passed on the event. That arrangement lasted only 1 year, as I recall, but it kind of marked the beginning of the end. Natural market forces and cycles took it from there.