One person spending $300 to attend HHN for 8 nights is less profitable than 6 people spending $60 to attend across 6 nights (not accounting for marketing costs). Now, in a year when capacity is not an issue, multi-use passes earn their keep on those 2 nights when Universal can’t sell single night tickets. This year, though, when it’s entirely possible every night could sell out without passes because of capacity restrictions, those passes become financial liabilities.
The only money Universal cares about is the money spent on their property. They’re going to look at capacity, likely attendance, reservations at their hotels, etc, and figure out if passes are worth it this year.