There was a concerted effort from without and within the party to reject the 2020 Biden-Sanders-Warren coalition, to declare it a failure and reshape a new one. They were trying to tank the 2022 midterms, or at least wishcast that into being, and then use as that an excuse to go back to the happy place of courting Sensible Republicans.
That this effort was largely sponsored by crypto cash - SBF was the Real Thing - has gone mostly unremarked, largely because many well-connected people narrowly escaped prosecution (I am being vague here, deliberately).
The 2022 midterms didn't go as hoped, for them, as it wasn't the Red Wave that they had been desperately hoping for. They went on as if it had, as if SBF wasn't in prison.
And here we are.
That story doesn't explain everything, but it explains a lot. Nothing made sense to me in 2022 until I realized this was happening.