TV shows on the other hand, have suffered extreme shrinkflation.

From 20+ episode seasons every year to maybe 8-10 episodes every 2-3 years.

Yeah, budgets/production values are higher. But characters and storytelling were often better in those old shows (Star Trek TNG/DS9, Lost, 24, Breaking Bad) where they could make those longer seasons every year for 5 or more years in a row. Simply far more screen time for character development.