Tinfoil hat territory but some execs at Netflix probably did this to ensure it would fail and they have a perfect reason not to renew their contract in 2025. This type of lifestyle fluff with locations and people that are readily available in LA is the cheapest content to film and produce. They sent off the most basic production team to cobble together a short lifestyle series. Again, this is the stuff that any reasonably established Youtuber can pull off with tiny team and budget. It doesn't require Netflix money in the same way that a big box production with casting and special effects does. So Netflix threw them a final dog biscuit in the form of reality TV style show that they can put together cheaply. It was deliberately set for release mid-January which is the dead zone for entertainment and advertising CPMs (and they knew it would be overshadowed by Squid Game anyway). The first episode might pull in some viewers but the ensuing ones will be catastrophic. So Netflix has perfect proof on paper that they cannot renew their contract and not get sued by H&M.
To be fair, Meghan is not in control of ever step of the process. They probably pitched the idea to her as an accompaniment for ARO, and it would have made perfect sense for it to launch back in early summer when the brand was announced. For whatever reason there were clearly unforeseen delays and I've certain they were fuming at this and had no control over it. The decision to launch in Jan without any fanfare is almost certainly a bit of sabotage from the studio's side. They don't expect the series to do well but they're putting it on air because they have no choice. It's the equivalent of a straight to DVD movie.
One mustn't forget that Netflix originally offered them the deal in hopes of a Kardashians style show involving the Royal Family, hence half in and half out deal. When that didn't happen immediately, maybe they held out hopes that there could still be a reconciliation. Over the course of 2024 it was clear to them, with Kate and Charle's cancer diagnosis, that there is no chance whatsoever that Netflix would get to film anything around the RF. Thus any residual hopes are gone and they have every reason to drop H&M.