Unreal Engine managed to evolve and expand the engine to the point where it is somewhat game agnostic, crytech became lumberyard under Amazon and died, idTech became the engine solely for iD games (ie the same business model as every other game or publisher custom engine).
iD tech's rendering pipeline is focussed on the one AA game iD are publishing that year and making that one game run efficiently and beautifully on mid-high end PC and current consoles. UE5 is focussed on providing tools for anyone to (relatively) easily make good looking games and applications that can be published to a wide range of devices.
Compared to other engines, making a new material asset is easy for someone less technical to do willy-nilly.
The flip side is the artists loose control and cannot author custom materials.
...which is a good thing tbh. No game needs hundreds or thousands of custom materials.
It may have been great, and lapped the entire industry, but it wasn't getting used very much, even internally at Microsoft. So how much value was really bringing?