Warner Bros has been gutting itself from the inside out in order to return money to investors. This sort of "We only have one switch left, so we're going to toggle it and tell our investors its making us money" move is what you do when you've run out of better ideas.

Joke is, it'll probably work. The brand is properly ruined by the huge infusion of ultra-low budget reality TV / blockbuster discount aisle content they've decided to subsist on. Max global subscribers continue to rise, despite the content getting worse and the price going up. Toggle the brand name, tell the investors you're a genius, post a rising EBITDA, and reap the dividends of enshittification.