Wade Keller from PWTorch did a podcast and went into a lot of depth and it confirms everyone's assumptions
www.reddit.com
Obviously this is a bit sensational, but there probably is plenty of truth to this. Cody probably wanted to be one of the highest paid people in the company, which was reasonable at the start, but less reasonable now that they were able to sign CM Punk and Brian Danielson. And the simple fact is, removing all the behind the scenes stuff, he just isn't as valuable as he was at the start as an on-screen performer anymore, AEW has a lot more depth and talent now.
The fact is, he's worth way more to WWE right now, who desperately needs fresh blood that isn't over the age of 45 because they are awful at developing new talent, and could afford to pay him Brock Lesnar money if they wanted to without batting an eye (they won't do that, but they can afford it).
COMPLETE LIST OF FOLKS CODY PUT OVER DURING HIS AEW TENURE
Sammy Guevara - Beach Break (January 26th, 2022) - final AEW match; long-term pillar building program where Guevara had been unable to defeat Cody in two previous singles matches prior to this one with the TNT title up for grabs; Guevara was both Cody's first Dynamite opponent and his final one
Andrade El Idolo - Dynamite 110 (November 3rd, 2021) - Cody would later defeat Andrade in a street fight on 12/1
Malakai Black - AEW Homecoming (August 4th, 2021) & AEW Grand Slam (September 22nd, 2021) - Cody would later defeat Black on 10/23
Anthony Ogogo - Dynamite 88 (June 4th, 2021) - this was in a tag match days after Cody beat Ogogo at Double or Nothing; Cody would get knocked out cold by Ogogo prior to QT Marshall rolling him up for the pin; program was cut short due to Ogogo getting laid out with an eye injury sustained against Billy Gunn; Ogogo has since been demoted to Dark appearances
Darby Allin - Full Gear (November 7th, 2020) - as with Guevara, this was a long-term pillar building program where Allin had been unable to defeat Cody in three previous singles matches prior to this one with the TNT title up for grabs
Mr. Brodie Lee - Dynamite 46 (August 13th, 2020) - Cody would later defeat Lee in a dog collar match on 10/7
MJF - Revolution (February 29th, 2020) - pillar building program; MJF won via ring shot after blocking a Cross Rhodes in their only contest
Chris Jericho - Full Gear (November 9th, 2019) - Cody would no longer be able to challenge for the AEW World Championship; Cody is 0-3 lifetime vs. Jericho in singles competition
The Young Bucks - Fight for the Fallen (July 13th, 2019) - tag match w/ Dustin; Cody ate a Meltzer driver for the loss
One thing I will say is that the three pillar program victories (MJF, Darby, Guevara) meant a hell of a lot given that Cody seldom lost and none of those defeats were negated via 50/50 booking after the fact.
This is an example of how you actually put people over. Cody won a majority of his matches, to the point where you can actually put together a list like this after 3 years, noting all his losses. His big ones in putting over younger talent were strategically timed and done in a way to maximize the building star process- I thought for SURE Cody was beating MJF after how the angles went, but no, MJF just flat out beat him. Darby was well on his way to being over and you probably could have done that match a month or two earlier, but it was done to not make the TNT title a joke by not hot potatoing it. The Malacki one was huge- no one was expecting the borderline squash cody took, and it quickly established Malacki as a killer after he hadn't been on TV for a long time. And the Sammy match was a huge star making performance for Sammy, who came out of that match looking like a million bucks.
Cody wasn't doing random jobs to guys like Cesar Benoni or Lee Moriarty or even guys like Ricky Starks. He was constantly winning matches, so when he lost, it felt important, and done in ways to actually elevate people. He wasn't doing the Kevin Nash or HHH, where he would just beat and beat and beat guys like a drum, and then do 1 job to them, and go back to beating and beating them. He made them look great, and usually moved on from it to let that talent continue on