The Predator series was on shaky ground and seemed to be delivering diminishing returns upon each release. The franchise just wasn't connecting with audiences anymore. The concept certainly wasn't the issue, but none of the pictures managed to compare to the original outings that made this series so famous to begin with. Sci-fi horror is certainly on the rise, and there was a gap in the market for the return of Predator. But it took Prey to capture the potential of the series in the modern era, bringing the alien hunter to a new generation of fans.
Source:https://www.cbr.com/prey-sequel-versus-follow-up/