I think because Venom was a bad movie but still such a hit they just assumed everything Spider-Man adjacent would be as well, and then went ahead the dumbest and least appealing properties possible.
Morbius? Madame Web? Kraven the Hunter?
It'd be like WB seeing the success of their solo Joker movie and greenlighting Killer Moth and Calendar Man movies. I'm surprised they didn't.
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