As The Hollywood Reporter reports, this decision came down to the show's declining ratings. The series launched in May 2022, with its first season immediately claiming the top spot in Nielsen rankings. It pulled in 1.53 billion minutes of viewing time in its first week alone.
However, the second season, which dropped this summer, debuted with just 412 million minutes for the week. Simply put, viewer interest in "FUBAR" took a serious nosedive.

Source:
imdb