Not only cancelling, but cancelling with a substantially complete but un-aired second season, and removing it from the service seems unlikely to really make strict financial sense. Much like Disney's disappearing of the Willow series, or HBOs of Westworld, it feels like they wanted to make sure there was something being removed that their board or shareholders were actually aware of to prove that they were taking the belt-tightening seriously. A nice fat sacrificial lamb had to be brought to the altar.
Not to say these "sacraficial lamb" shows didn't involve financial failures, just that most the losses were already lost, they all have fans, and I don't really believe the ongoing expenses in royalties fail to be covered by the value of having high production value content that a significant, albeit disappointing, number of people do like on their services. Paramount+, in particular, has an actual problem of a lack of breadth and depth of content (you get beyond the few premium orginal shows, and you quickly discover little but an ocean of Z-grade made-for-basic-cable dreck). I think it is a "political" decision to prove that someone within the corporation is doing their job to someone else within the corporation or amongst its major investors. While it is probably the right decision for the people making it's careers in the near term, for the corporation as a whole it is probably not actually a rational, sound business decision.