TV animation used to bring a lot of ad based revenue on linear cable, especially with kids. But after the switch to streaming TV animation has struggled to prove it can drive subscribers or generate ads dollars. Simply put - the medium lost all of its value over the past decade
What happened? Why did TV animation get thrown away so quickly?
...except for Bluey
Feature animation on the other hand can still have an 100m boxoffice and then sell licensing rights to a streamer for another 10-20m. There is no such path for tv animation - these shows are essentially making 0 dollars but cost 15m a season. You can see why studios stopped.
also this issue is not exclusive to TV animation, all tv has grappled with the loss of linear ads but live action shows are bouncing back on streaming now that ads are there. Animated TV shows are not. At least not in a way that would encourage making lots more.