In many ways, we are. In fact, we’re losing many of our own to the Evangelical movement. Dr. Norman Geisler, prominent Evangelical author and professor, says as much
here when he discusses that even though a few Evangelical “eggheads” (that is, individuals who have made a deep study of theology and faith) convert to Catholicism, the Evangelical movement is “winning” because they are recruiting “tens of thousands of converts out the bottom of Catholicism” - that is, our poorly catechized brethren.
I have always kind of seen Protestantism as cheerleaders for God, whereas Catholicism is God’s debate team. Lots of folks (including the aforementioned poorly catechized Catholics) want to be told that they’re doing great and that everything is going to be okay. That message resonates better with them than the truth offered by the Church, which is that you’re not doing great (i.e., we’re all sinners), and you have a responsibility to recognize that and correct it (go to Reconciliation), but that thankfully God in His infinite mercy still loves you (and allows you to participate in His sacrifice via the Eucharist).
It never ceases to amaze me how many people leave the Church because they “don’t feel close to Jesus there.” We
consume Him. You don’t get any closer than that.