That's the surface level explanation that is popular and circulating on the web right now. However, my take on it is still evolving and I think the popular response is a tip of the iceberg meant for public discussion.
You need to find and read the article about Chapek and "shady" finance handling. Something about releasing projects on ABC 1 day before so ABC would be holding the bag on costs. That and the "spin" he was putting on the bad numbers in the Q4 report when candor was owed to the Board and other financial stakeholders. These things would have weighed far, far more with the board members than the flat quarterly numbers of
Disney+. Also, it was the CFO who spoke to the board regarding concerns. It was not just a popularity issue. It explains the "suddenness" of the change of CEO and how little notice was given to Chapek. There is far more to the story than the opinions and conclusions swirling in the popular media.