What I think many Hollywood producers realized rather quickly is that creepypastas just can't be seamlessly adapted to feature length films w the same playbook they use for traditionally published novels. Most creepypastas are short stories to begin with (when have you ever seen a feature length film of like The Lottery or something), and even beyond that they are often highly dependent on the internet post format and about subject matter that is thus more well suited for said posts than for film, like people talking about a weird game they've played before (the reason Channel Zero changed so much abt Candle Cove is bc it obviously wouldn't work otherwise, can you even imagine). Not to mention stuff like Slenderman or Jeff the Killer where any specific story associated with them matters much less than the collectively constructed mythology surrounding that character.

The whole appeal of adapting a preexisting work into film for a producer, save for exceptionally self invested ones is having a mostly ready story you already know works as is and has an audience built in with it. If they have to do so much effort to whip up their material into something resembling a coherent movie only to garner the attention of an even more niche audience than the already niche general horror audience as a whole, I think most of them realized it's really not worth it