#3. WWE does not have the right viewership numbers

WWE has taken a lot of hits this year. But it's pretty safe to say that they have persevered. It's actually quite remarkable that WWE never halted production during the pandemic. The company even hosted WrestleMania 36 from their own training center in Orlando, Florida.
While WWE had a period where they struggled to gain momentum, the company moved its shows to the ThunderDome. Since then, the on-screen product has somewhat improved. Of course, that didn't fix all the issues WWE faced during the ongoing health crisis. But it has allowed fans to feel like they are part of the show again. As a result, WWE has relatively returned to normal.
Still, WWE is up against several primetime shows and sports. So the ratings continue to drop with no end in sigh. With that in mind, crowning The Miz as the champion right now would likely fly under the radar. WWE might prefer to wait until the viewership starts to climb.