Hollywood has the particular problem that the executives would really like a formula to follow to make people like the films, the screenwriters would really like a formula to follow to write something that they can sell, and so on. There's a lot of commercial pressure for a factory to mass-produce plot and stamp it out into films. People liked a film? Make the exact same thing and see if they'll buy it again. Franchises help, because at least there's some incentive to shuffle around some different characters and plot elements.
Though the never-ending soap-opera of comics aren't really that great a fit for wrapping everything up in a three-act structure. (I'm still confused by why the Marvel films felt the need to kill off 90% of their villains in the same movie they debuted.) But the hero's journey is an attempt to answer to "how can we make a film as popular as Star Wars?" So we just follow that pattern, I guess.
Not that there weren't other patterns--the Disney animators independently arrived at their own storytelling rules, for example. Disney Animation: The Illusion of Life (by Frank Thomas and Ollie Johnston ) has a discussion of what they found worked for them and what didn't. It's worth comparing what they say there with the actual films and reflect on how the rules bore out in practice, of course. But it's another attempt at codifying a formula for appealing stories.
There's lots of attempts to try to describe the universal appealing story pattern. Whether narrative actually works that way has become bifurcated into separate questions: "what kind of stories are effective for humans?" and "what kind of story can we produce reliably as a commercial success?" are subtly different but have become conflated.
You're missing the constraints: what kinds of stories actually work for humans and can be told clearly, with mass appeal, in a 90-120 minute audio/visual format.
We already have spaces for broader or more experimental narratives, they're called novels. Music videos gave us popularized short form experimentation for a while. TV series give us longer form audio/visual storytelling. But there's a hard limit to how much complexity or diversity you can pack into a 90-120 minute block while still keeping it cohesive and broadly engaging. TV gets away with slower pacing and more meandering structures because viewers can dip in and out. People like/recommend a series even if one episode didn't keep their interest. If 30 minutes of a movie don't keep someone's interest they aren't going to recommend it, it sucks to spend 30 minutes in a theater detached from what you are watching. Movies have to convince audiences to stay locked in for the entire runtime, which naturally narrows the kind of stories that can work.
And part of the problem now is that movies were once novel. They evolved from stagey, non-gritty recorded plays basically to gritty, photorealistic stories. That leap kept things feeling fresh for a long time. But now that the tech curve has plateaued, now that dark/gritty has run it's course, it's like people want movies to somehow figure out how to be... not movies.
Punk was new/novel fresh. Then what was new/novel/fresh was identified and expanded upon. Then it become not new/novel/fresh. Other music genres were kept fresh by technical limitations slowly being removed by new tech/monetary limits limited who could do what/knowledge gatekeeping. Now that every tool is available to every person along with deeper knowledge of music theory, which theoretically should make it more interesting, music has gotten more boring. Because we don't want good. We want novel new experiences.
Yes, that's a really good point. I had this nagging feeling of there was a commercialization aspect driving when I was writing that, since that's obviously what happened to punk, and you hit the nail on the head. I do think students are taught the 3-act structure / heros journey as if it was the ideal structure, but the true reason for it's ubiquity is an attempt to commoditize art.