The short version, is that Hollywood insiders and elites have put out extensive articles in "the trades" (official trade journals) that there will be a ratcheting back of Hollywood's cozy relationship with China. This is the "party line" pun intended, that the studio system wants going forward.

It's a combination of them not making as much money as they thought they would, the sting of hypocrisy of claiming to care about human rights while China commits genocide (etc.), as well a bit of being sick of being told what not to say. The censorship was getting to the studios somewhat, in a irritating way.

For example, John Cena has destroyed completely his reputation for being a "tough guy" with his apology in Mandarin for calling Taiwan a country (which it is btw). Those things matter, and are hard to put a dollar value to, but it is going to cause a lot of eyeballs to NOT see John Cena movies from now on.