Wokeness, inflation, lack of variety/compelling films, streaming... Combo of
a variety of factors.
People with tight budgets don't want to pay a ton of money to be virtue signaled at by hypocritical Hollywood types.
There aren't as many "small" movies either, because they all go to streaming.
When costs are high and income is low, people are more "choosey" about what non essential expenses they spend money on too.