Times change and late-night isn't what it used to be. There are so many venues in which one can find entertainment these days. Entertainment without tons of commercials. I watch very little network TV these days. Almost none. I'd rather pay some cash than waste time watching commercial after commercial.

A little AI perspective:

The Financial Reality
Declining Revenue:
The advertising marketplace for late-night television has seen a "significant secular decline," making it challenging to maintain profitability.

Significant Losses:
Insiders and news reports suggest The Late Show was losing tens of millions of dollars annually, possibly upwards of $40 million, according to Deadline.

Parent Company Strategy:
CBS's parent company, Paramount Global, is focusing its investments on other areas like primetime and sports, rather than continuing to fund the costly late-night franchise.

The Political Speculation

Timing:
The cancellation announcement occurred shortly after the FCC approved a major $8 billion acquisition of Paramount Global by Skydance Media, a deal that included conditions on the network's news division.