And people aren't necessarily that interested.
https://thatparkplace.com/disneys-lion-king-prequel-faces-big-trouble-mufasa-trailer-hit-with-enormous-number-of-dislikes/
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Guardians of the Galaxy 3 apparently did alright, still pissed off the hardcore fans (with how they handled Warlock), and whatever they did manage was basically nothing compared to the losses of everything else.
Sure, and Elemental apparently legged it out to break even. But yes, as you said, they lost a metric fuckton of money on virtually everything else* they released.