I know you would say the pandemic, but it’s much more than that.
Pixar kind of sewed the seeds back when they kept making sequels. Those made tons of money, but they became increasingly reliant on their sequels in order to make money because of that. So now that they don’t have any sequels to rely on, they aren’t breaking a billion dollars anymore.
Also, Disney is focusing its own resources on Disney Animation rather than Pixar with movies like Raya and Encanto. And a lot of Pixar animators have left the company because of it. Even Brad Bird.