Thanks, @macaroni21, for the lucid, fact-based comments! There is one additional variable regarding travel between Europe & China & that is travel which originates in China. My understanding is that overseas travel out of China has not rebounded to its pre-Covid levels so that would also be an incentive for airlines to cut back.
What I get from the original post is that airlines seem less willing to compete with one another on less profitable routes just to get 'market share'. Now they are trying to fly where they can make the most money. Not great news for those of us traveling from Europe or North America but here we are!