Man, I know this exact pattern. New campaign hits like a rocket for 3-4 days, CPA looks beautiful, then it just falls off a cliff. Restart it and boom, same cycle. Frustrating as hell.
Here's the framework I use to diagnose this: learning phase + signal loss = death spiral.
First 4 days Meta's algorithm is exploring, finding cheap conversions. But without a steady stream of conversion data after that, it loses confidence. Your Pixel might be tracking, but it's delayed and misses events. That's where Conversions API comes in - it sends conversion signals server-side, real-time, so Meta gets consistent feedback. Without it, the algorithm reverts to low-quality placements or just stops spending.
The Instant Forms worked because Meta hosted the form - native conversion data the whole time. Your landing page doesn't have that advantage. Set up CAPI ASAP. That solved this exact issue for multiple clients of mine.
Also - stop restarting the ads! Every time you change or restart, you reset the learning phase. You're teaching the algorithm to start over and over. Let it run for at least 7 days straight with CAPI enabled. The death drops will smooth out.
One more thing: make sure you're using the right objective. Traffic objective for landing pages? That'll burn budget. Use Conversion objective with your pixel events firing properly.
This is a fixable problem. CAPI is your best friend here.