The studios are trying to convince the writers, and the general public, that they have infinite wealth and that they can wait forever without producing any new material, that the writers are worthless.
They've concentrated the market to a near monopoly, and they are convinced that this gives them the ability to force writers to work for poverty wages for the thrill of writing.
But they took on huge amounts of debt to concentrate the market to this extent, and their shareholders expect a return on that investment which cannot come.