I'd really like to know what their algorithm shyt is about. Something like that happened to the show Travelers, the season after acquiring it from Canadian broadcasting it showed more popularity on their platform and they still canceled it.
If it's true that all someone has to do is watch two minutes for it to count as a view, then that's the problem right there. One could assume that sheer view total contributes to a show's ranking, and if someone just watches a few minutes or maybe a couple of episodes and then bounces off of it, the show might pop up in the Top 10, but other data would show that it's not a worthwhile investment.
But if we're looking at all info available, the fact that it's a Warner Bros production is probably the primary reason they passed. If the show was seriously that valuable, Warner would pay whatever they needed to get the show out of streaming hell, and on HBO Max. Instead, Netflix was in a position to effectively bid against themselves with what is now one of their chief competitors. Better to just say fukk it, and let Warner figure that shyt out for themselves if they want to.