I would argue that the problem is less due to franchise fatigue than it is to low quality and needlessly confrontational writing. Classic drama tends to have a universal quality to it that transcends any particular time, place and culture, and it's this quality that has been lacking in woke entertainments from the last five or so years.
Take Squid Game for example. I don't speak Korean and know next to nothing about Korean society, yet its core story about a group of people in desperate circumstances being forced to constantly reevaluate what they're willing to do to survive resonates with me just as well as if the show had been set in any other country.
Compare that with The Rings of Power, where Galadriel is portrayed as a perfect warrior woman whose biggest source of antagonism is the weak and unprincipled men around her. Or She-Hulk, who has to explain to Bruce Banner that men telling her how to do her job makes her a better Hulk than him.
Young progressives lap this stuff up but it leaves everyone else cold, including many women. In years to come, these stories are not going to be loved. These films and TV shows are not going to top any polls. The characters are rotten, unlikable and will not live on in anyone's hearts.
Most media today looks the same, over-reliant on digital postprod and fuck all practical effects.
It also tends to just keep recycling the same properties ad nauseum, getting worse each time.
People are, frankly, bored of it.