With a starting $40 million jackpot and minimum of $10 million increase when the jackpot isn't won, it's obvious PB is for players who want the highest possible payoffs for their $2 bet. With only 3.14% of all the tickets sold winning anything, it basically comes down to betting $2 to win the jackpot or $1 million (regardless of the odds) or winning nothing.
Raising the smaller secondary prizes would increase the average play, but the extra payoffs would lower the size of the jackpots and it would take much longer before the ticket sales double or triple. In the last jackpot run which ended in a $241 million jackpot, ticket sales averaged about 13.5 million for the first six drawings and didn't reach 20 million until after 11 drawings with a $164 million jackpot. The run ended after 14 drawings when 33 million tickets were sold for a $241 million jackpot. For comparison, MM sold 78 million tickets when it's jackpot was $241 million in March which is $12 million more in sales.
To get the higher jackpots the players must sacrifice the lower secondary prize payoffs. Most Pick-5 games give much better secondary prize payoffs but the jackpots are around $100,000. Scratch-offs account for the majority of play in most states so even though the statistics show players prefer more payoffs, the lotteries offer huge jackpot "winner take all" games too.
Some states offered "roll down" versions of jackpot games when the jackpot reached a certain amount, the secondary prizes were larger, but their jackpots are still substantially lower than the PB and MM jackpots.