Nothing happens in a vacuum. There are many reasons for everything, its not just a simple x happened and that caused y.
The whole industry is shifting, there should be no question or doubt on that. Just have to look at the overall box office to see that, its still down something like 20% compared to pre-pandemic box office, it'll likely never get back to that level. Disney relied too much on tent poles. The tent poles they did release didn't connect with audiences. Other Studios had failures too, but the successes they had connected with audiences.
There isn't one factor to this, its a whole industry in flux and all Studios are reeling from it, some just have been able to weather the storm better by having variety that Disney didn't have that connected with audiences.
All can be true.