Right. The beer isn't anything special, so even if people don't affirmatively "boycott" anymore, there's just no reason to go back.
Well, more than that too.
When this hole dang thing blew up, it could have been fixed immediately.
In fact, the infamous tweet from Mulvaney was on the 1st of April IIRC... SO EASY for a half decent ad hack to make it an April Fools thing, point and laugh at their own users, call em dumasses, end with a hearty 'Murica', and EVERYBODY would have thought it a laugh-riot - And sales would have gone the other direction.
But something like that would have had to be fairly immediate.
Thereafter, a simple and heartfelt apology - An admission that it was wrong-headed - would have sufficed.
When that apology was not forthcoming, that's what sealed their fate.
Now I don't know if it can be fixed. All the rednecks have hit 'OH HELL, NO', and as a people, it is very hard to turn them around from that. Once they're there, it is not that there is no reason to go back, it's a matter of pride, damn near honor *not* to go back. They're DONE with em. With every prejudice applied.
My prediction... Eventually InBev will sell the brand, splitting off Michelob, and maybe a couple more, and sell AB/Bud light off. Likely the Busch heir (a raving homo, btw) will buy it back for a song, relocate all operations back to St. Louis, make the very important mea culpa, and vow to rebuild the brand in the image folks remember, with every respect.
And he will probably win if that happens.