The answer inevitably ends up "I don't like it, so it failed and I'm waiting for the next new hype."
That's a rather bold assumption, but no.
It is true that 2024 is not quite what I had hoped it would be, but D&D is still the game that my group plays.
The answer is that I have seen a similar pattern for multiple editions in a row + a noticeable change in staff (even for WotC) combined with a noticeable change in design philosophy + stories about how things are going on the corporate side of the company and how corporate desires have influenced decisions about the game previously.
The time between Book of 9 Swords and 4E being released was about 2 years. Toward the end, there were a bunch of similar products to what we're seeing now pumped out. Including things like premium reprints, with leather covers and shiny silver pages.
There were about 3 years between 4E Essentials and the release of 5th Edition.
5E24 was released in 2024. Writing, production, layout, playtesting, and all of that sort of thing takes time. 2027 would not be an unusual time to show (or possibly even release) 6E.