It's also what happens when the company is run by management who believe that theme parks are a waste of time. The less money you have to spend on anything related to them, the better, because the people who like them are just going to take whatever you give.
I could see Iger/Chapek (and others, I'm sure) almost considering this a blessing, because it gives them the excuse they needed to dramatically change the structure of the company. And I don't mean that in an evil cartoon villain sense; I just mean this is likely something they already wanted to do (Iger has essentially said as much in the past) because they think it's better business.