This newsletter from early last week had some really interesting thoughts about this: https://mattstoller.substack.com/p/the-slow-death-of-hollywo...

It quoted a section from an article in The Information:

> [Netflix] now routinely ends shows after their second season, even when they’re still popular. Netflix has learned that the first two seasons of a show are key to bringing in subscribers—but the third and later seasons don’t do much to retain or win new subscribers. Ending a show after the second season saves money, because showrunners who oversee production tend to negotiate a boost in pay after two years.