Part of the problem imo is that there are no 'medium' publishing houses anymore.
There are tiny shoestring stapled together blogzines, or there are the Big Four.
So decisions are going to be made on the Big Four Big People deciding what they want to signal, sometimes to achieve their special DEI gongs, rather than on any attempt to find what people want to buy. There is certainly fuck all diversity in terms of class/wealth - it's rich people running the show.
It's reminding me of the Oxfam situation - an industry that operates as a tiny elite circlejerk of well off people at the top, issuing righteous decrees on What Will Do The Plebs Good and performing in service to those ideas of the Right Side of History. Meanwhile, staff/writers/volunteers are shat upon, advances are slashed to virtually nothing, and royalties are pittances for so many that only already comfortably well off people can write for a living.
Readers/shoppers although they may put a rainbow flag in their Twitter bio, are not willing to actually pay money/read/buy stuff that is subpar crap or self righteous hectoring, because none of that is any fun.