What is there to put in a magazine that hasn't been done a hundred times anyway? Who would a publisher cater the magazine to? The rich, who can afford them, or the masses, who have a much harder time affordably buying and fixing them up. There aren't enough potential rich subscribers to justify an ongoing publication.
FCA has not loosened licensing either, so we are still massively locked down on product innovation and development meaning fewer potential advertisers and lack of affordability/competition in parts for enthusiasts.
From a business perspective, no surprises here.