When Reed Hasting left and Ted Sarandos took over he had a bit of power shakeup and handed over the content reins to Bela Bajaria - who was brought in to head up international over Cindy Holland who was in charge of US content. Holland had brought in House of Cards, Orange Is the New Black, Stranger Things, The Crown, Ozark and Narcos.
Holland seemed to focus more on developing fewer shows of higher quality content while Bajaria was more focused on "get all the content, throw it all at the wall and see what sticks" (who saw "Squid Games" coming?). It also aligns, however, with a timeframe of the launch of the studios having their own top tier services such as Disney+, Peacock and even the new HBOMax (MAX now) all of whom are more tightly holding the streaming rights to the studios to which they're associated.
This for me aligned with when Netflix started going downhill. I have to say some of their newer content seems better but I'm not sure where its going to go. Right now HBOMax and Apple seem to be the most consistent for fewer, higher quality shows which also more closely aligns with my viewing habits. Netflix we keep mostly for my daughter these days and the few random hits that come through on Netflix.