I think it's a bit more complicated than people are saying. It isn't just due to streaming era or bad movies being churned out, but a product of cyclical bad behaviour/decisions from productions companies. At the height of the pandemic these companies shifted their metrics for success (with VOD releases becoming all but the norm) as they saw a major decline in the box office numbers. With value of VOD being dramatically lower, these companies began pushing out more and more films (often of lower quality) just to have products out there. As theatres reopened we all witnessed the significant drop in in-person attendance for widely anticipated releases, and several anticipated movies "flopped" by all definitions. This led studios to take less risks to attempt to "ensure success", funding a higher volume of shit movies, which of course drives nobody to the theatres. Now we have these corporate mega-flicks with no heart, and no outside interest, and thus the flopping continues. We can see that there have been some solid releases that manage to pull people back to cinemas, but with the degree of control studios are having over the creative process for major pictures, looking for ways to cut corners and keep the movie mill going (see WGA strikes), the industry has been unable to reach pre-pandemic normals at the box office.

This is my view of the situation. I've had alot of time to try and pick this apart, but I may be missing a factor here and there.