This is my take. I can agree with the point that Encanto isn’t as popular as Moana (or Frozen) but it seems to me that it had at least a certain level of cultural relevance that puts it at a reasonable point to warrant a ride. As you point out, it’s not like other recent films (eg Raya, Turning Red, Luca [which I loved], Strange World, etc) are getting the same attention - because Disney knows what has “hit”.
And people are exaggerating the amount of push Encanto is getting anyway. What are we seeing? A M&G right now (no biggie) then a temporary sing a long for a few months then a single ride. That’s not really excessive and the M&G is in a spot that in the past changes intermittently so that very well may not be “permanent” (admittedly Brave was there for a while).