There are some financials I'm not smart enough to understand. They're releasing movies like Tenent and Wonderwoman 1984 when theaters are mostly closed because it's too expensive to "sit" on the property for too long. I'm guessing there's some incentive for Universal as well. Not only did they build and now have to maintain those houses, but there are surely contract negotiations for IPs that were for 2020 and were extended for 2021 for a substantial price. If they put it off again, they'll be generating ZERO revenue on those costs from 2 years ago while extending the licensing agreements out another year plus paying for another year of upkeep and space unusable for anything else. So at some point, getting a 50% return on investment is better than getting -25% return by having to extend everything else another year.
That sucks for fans, but for a business, you can only throw so much money at a lost cause before you have to cut bait and make as much lemonade out of those lemons as you can. Recoup what you can, write it off, and start fresh when the world is back to normal.