From what I understand Sony countered Disney's proposal and Disney just said no. I'd also be really curious to know how much "hard work" Disney really did on Homecoming and Far From Home. Given that it seems like the creative team for those movies is largely staying with Sony, how much of that was Disney's doing? Or was Disney just helping with the overarching plan / re-imagining of the character to fit into the MCU? But again if Sony is doing all of the heavy lifting from a financial aspect I can't blame them for not wanting to give Disney a bigger cut.
Edit: To be clear I mostly just don't think Disney deserves the benefit of the doubt as being the "good guy" here. They're the big guy here and they have the least to loose by loosing Spider-Man.