Therical releases provide a means to realistically recoup those costs.
The streaming model is built upon content hours, and a show this expensive is just bad business and terribly unsustainable, even if it was a great show.
I do think it's reasonable to critique the business decisions that led to giving a two-season run show a nearly three-quarters of a billion-dollar budget.
If this happened in a vacuum, that would be one thing. But it speaks to a larger problem of Disney's suspiciously high budgets for their original content.