#3 He has accomplished his goals for his most recent run
Yes, John Cena is a 16-time world champion for sure. But I suspect that his current role in WWE is to put younger superstars over. He did this with Becky Lynch and Finn Balor during his most recent run. He had nothing more to do at the Royal Rumble.
Let's assume for a moment that his injury is a work. If so, he has nothing more to accomplish by being in the Royal Rumble match. Cena's already served his purpose when he allowed Finn Balor to pin him.
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As my colleague, Greg Bush joked, with the injury to John Cena's legs, fans have finally seen him his long-awaited heel turn. Why would he want to take a top rope bump?
It's highly unlikely that he was going to win the match anyway.