Part of it is that I think the men are waiting. Do you burn your WC budget (training/travel) on Nice or wait and see what comes for 2026?
I think that 2026 for men is relatively safe (how many slots is another question). If IM starts rotating the WC, then 2026 is likely the last dance in Kona (start your cycle in 2027). If Kona lets 2 days happen, or if they move back to 1 day, then 2026 is in Kona for the men anyway.
The only way that Kona doesn’t happen for the men (shy of another pandemic), IMO is if they decide to start rotating it around the world AND do so for the 2026 cycle. Judging by how close this all is, I find it unlikely - but stranger things have happened. Though most of the rumours are that they’re trying to tempt Nice with a 70.3 WC so they can move everything back to Kona.