Netflix has it in their business model specifically. New (good) shows bring in more users than subsequent seasons do.

As far at Netflix is concerned, that's what matters. Not art, not content, not quality. Not even ratings. Users.

So they constantly make new shows, axing the budget of older ones to fund new ones. The hope is that not only do these new shows draw in users, current users stay subscribed to check out new content constantly on the horizon.

It's novelty over quality. Subscriber count over all else. A show has to be so good that it warps their metrics of playtime, search results, marketing etc. That it is more popular than anything new could be.

Which is why shows that start great inevitably end up puttering along far longer than the story can take (eg: Stranger Things). The metrics from the earlier seasons dictate that it must continue.