I think Canon was forced to concentrate their capacities on RF lenses due to the COVID related production crises.
COVID has had multiple impacts and supply chain issues might be the least important. Camera sales were already in steep decline before the pandemic thanks to cell phones dominating the low end. (The impact on P&S and entry level ILCs is obvious. But there's also the fact that many people who stick to their phones will never get 'the itch' to treat photography as a serious hobby and move up.) Camera sales have now practically collapsed due to the economic impact. I can't imagine lens sales are doing any better.
Now add the people dumping equipment on the used market because they need the money and/or because they're just not using it any more. Vacations are down, weddings are down, wedding budgets are down, and I personally know a good wedding photographer who has transitioned to
baking. You read that right. The market for good pies and desserts has been better than the market for wedding photography.
And it's not over. The global economy is set to get worse before it gets better. Certain markets may be booming (housing; stocks; crypto) but that's because printed currency tends to find its way into those markets despite government's best efforts. They bubble fast,
but they collapse much faster.
We should probably be grateful at this point that Canon is not in Nikon's position financially.