Agreed. I think a lot of the newer festivals over here were backed with business plans that promised they'd be making money within 3 years. When that doesn't happen, the plug gets pulled.
Wayhome (near Toronto) is a good example. Pretty solid line ups in 2015 (Kendrick, Neil Young) and 2016 (Arcade Fire, LCD Soundsystem, Killers). In 2017 they cut one of the four stages, and had someone called Flume headlining. It did not return.
The North American festivals are just all kind of the same. Last year, there seemed to be a pool of a few dozen bands that were interchangeable between every festival.