Manga was always going to win, because it was actually growing its audience.

Comics has basically existed entirely on the momentum of older fans spending increasingly large amounts of money on them, and abusive "you gotta buy all our books to get the ones you want" vendor contracts. Very few kids are actually getting into comics, because its an absurd ask to be able to even begin to read them in any coherent way. The irony is that kids are still loving superheroes, but only by non-comic methods which leaves plenty of money for the companies but without much of it coming from their "main" industry.

Whereas weebs are born everyday, have more than just superheroes as a genre to get into, and can easily just say "this looks neat" and read a fucking series without a wiki and flowchart needed to understand the order.

Wokeness wasn't a cause of the comic fall into any sense that matters, that was just the last gasp of an already dying industry trying to branch swing to a new audience and failing that. Now, the companies themselves are certainly a victim of that wokeness, as the MCU has killed whatever chance it had for a post-Thanos resurgence to be woke but that's almost unrelated to the issue with comics.