Because its narrative is being exposed as bullshit, mainly due to the fact that it lost Trump as a unifying enemy.

This happens with every counterculture movement, hippies, punkers, etc. It's the same thing every 12 or so years.

It is becoming clear that the LGBTQ+ movement, each letter has a very different idea about how things should be.

Blacks, Latinos, and certainly muslims aren't as universally fond of the above as wokies wanted to believe.

Feminism has severe friction with both of the above.

The invasion of Ukraine, aggression of China, and actions of Iran recently have each revealed in their own way that maybe America being the world police wasn't the facist empire wokies thought it was.

In short, every radical movement of college kids starts with the idea of "what we were taught as little kids isn't true, and i just took acid, so therefore the exact oppossite must be true." and eventually with age moves to "oh man the world is very complicated...".