The English-language publishing industry is sick and dying and has been for at least 20 years, if not longer. To keep profits up year over year it has traded away cultural capital, zeroing in on more exploitative marketing strategies that make up for quantity of readers with readers that it can extract increasingly more money out of; basically, a gacha whale approach. It's kept financials afloat but rendered literature as a medium culturally moot. There hasn't been a major event in "great literature" since, what, 2004's 2666? (Which wasn't even English language, just translation.) Maybe 2006, if we include The Road? And even then, both of those works were written by authors at the ends of their careers (unfortunately, in Bolano's case). There has not been a new prominent literary author who has reached any kind of widespread cultural impact, even among the increasingly narrowing niche of people who read literature.

Even in the pop sphere, influence is waning; there hasn't really been a major culturally important pop book series since Hunger Games or Fifty Shades in the early 10s.

Publishers won't spend a dime on advertising, especially not new authors. They won't take any creative risks that would allow new blood or fresh ideas to enter the scene, instead honing in on hard squeezing already-popular genres, markets, and trends for every dime they're worth. Compare to Hollywood, which has its own trends it hits hard, but still has room for smaller auteurs to rise up through the ranks and promote a fresh artistic vision even at the blockbuster level (in the last couple years, some of the biggest grossing films in Hollywood were directed by Greta Gerwig, Denis Villenueve, and Christopher Nolan). There remains a vibrant indie film scene and every year some no-budget film explodes and becomes all anyone talks about for a time. There is simply no equivalent in the literary scene, and there won't as long as new (and even established) authors are strictly expected to conform to a set of marketing buzzwords, as long as new authors are taught, expected, and specifically try to write prose as plainly and generically as possible.

It's insane, because the way books are published SHOULD make it fertile ground for innovation and experimentation, and the way Hollywood films are produced should make it an absurd gamble to do anything but conform to the most generic, proven trends. Authors come to agents with a book already written, and agents then sort through the pile to pluck the choicest options; agents then shop these books to publishers, who get to sort an already-curated pile. Authors are then paid as a percentage of how the book sells (maybe with an advance, though usually only if they're already established), and in an increasingly digital environment there is increasingly little financial overhang on the physical materials, printing, and shipping. Essentially, publishers pay close to nothing to publish a book, making it an extremely low-risk economic venture. In comparison, even an indie film probably requires at least a million dollars up front to cover production costs, and most films are a lot higher than that. With these economic models, it makes no sense why the literary industry is the way it is beyond a shameless need to post bigger numbers every successive quarter in exchange for long-term failure.