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The problem is in discovering things you might like that’s unlike what is out there now. It effectively keeps the avant- grade new stuff from being easily discovered. So because I llike Star Wars, the algorithm of whatever streaming service I use will show me more stuff like Star Wars and things that other fans of Star Wars like. This is good for people who produce formulaic stuff that fits the mold of “stuff Star Wars fans like.” It’s terrible if you’re making a film or TV show that’s not like Stuff Star Wars Fans Like. If I’m making something like Three Body Problem or X-Files or Stranger Things, unless something like that already has an audience or some hook to a name brand experience, it’s highly unlikely that you’ll find it. Which actively selects for people who can put their stuff into a formula similar to other things.
I think this is why there’s so much franchising of content. A show about a space academy might be interesting, but it’s a lot easier to sell it if you can stick Star Trek logos on it. Joker was mostly a mediation on an ordinary guy driven to madness by circumstances and lack of access to medical care. It had to be about Joker to be worth filming. And thus a shitty version of that story — but within a franchise— will reach a more mainstream audience and thus make money. A good, but independent film won’t.
This isn't a new phenomenon brought on by The Algorithm though. Producers since the dawn of cinema have seen franchises as an easy way to guarantee viewers, right? And perhaps more to the point: all your examples are content that is being decided by human producers in the human world of Hollywood -- these aren't decisions being made in Netflix or YouTube's spheres of influence.
There are maybe specific versions of this argument that are good (e.g. I've heard people complain YouTube penalizes creators if they produce too slowly (though an explicit Google search about this today suggests this is not the case)), but leveraging a brand to get views is a tale as old as viewership.
(Also it a bit tangential, but I really doubt the guy who originally had the idea for "Joker" actually wanted to tell a story about an ordinary guy driven to madness. They wanted to tell a story about the Joker, in the same way that the person who wrote "Wicked" wanted to tell a story about a specific popular villain, not a generic coming-of-age story about a social outcast in a magic school).
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