I've heard that about it! I really do believe it's just unfortunate timing. If they want to make a clean break from what came before, I just think ending this is the right call.
It's hard to convince people when you're saying both "Hey guys! Back to basics! Only a few movies a year with new big names you love!" and then barely a step away from the starting line, "Also, check out Season Two of a Phase 5 show you didn't watch about a character you've never heard of". I don't think keeping Peacemaker going has worked out super well for the DCU either. It really only serves to muddy the waters for the GP you're trying to draw back in.
They are throwing out a beautiful and functional wooden desk to help keep the ship itself from sinking. I hope we can see the show revived one day a la Daredevil, but for now, Disney sees the MCU as being the priority save compared to this one show specifically. I can't blame them, unfortunately.