There are a few reasons.
1. The studios are playing a recovery game. As the streaming wars kicked up during the early days of covid, they went on a buying spree and bought a shit ton of scripts. Most of which will never be produced. A lot of them are in limbo as the people who bought the scripts aren't even with those companies anymore. There's no benefit to produce those scripts by the new people because it's all risk, no reward. If the project is dope, the credit goes to the person who bought it. If it flops, it goes to the new person who produced it.
2. Since the explosion of the streaming services and now the subsequent contraction, production companies and streamers are looking for safe bets. It takes a lot of money to build, market, and produce new IP. So they've been buying and producing successful existing IP. Most of it will flop like Velma. Despite being part of one of the most successful IP franchises ever, that shit tanked. But then you get hits like Wednesday and it makes these buyers wanna keep producing them.
3. Even if it isn't exact IP, the recent mandate from buyers have been to create something similar. When I was pitching my show, the production companies raved about it but said the were looking for something more like Rick & Morty. To get a show greenlit now the person has to already have talent in place. Which is tricky because talent wants to know who's producing it or who's distributing it before they sign on. Or the other lane is to be the talent producing it (like Kid Cudi's animated show).
Mandates change. It took Squid Games like 10 years to be bought so shit shifts. Hollywood is in a weird place right now and everyone is playing it safe. When I met with an exec at Paramount he said they're going in the direction of finding what popular content creators are already doing and putting money behind that. It's basically the same thing as finding existing IP. So that means if Mr. Beast (pre scandal) or Kai Cenat wrote and pitched a shitty show (not saying they'd write something trash, just using an example) it would get greenlit before someone who doesn't have a big following but has a masterful concept and script but only has 20k followers.
For the record, I'm not a Hollywood insider. All of this is what I've been told by an Emmy award winning showrunner, a few managers, agents, and straight from the mouths of producers and execs (from general meetings I've had over the past three years)