The whole Broadway show can be done in a 2 hour-ish performance live, there is no justification to stretch this to two movies other than corporate greed milking every IP to the limit
Unless its a planned trilogy with 3 strong stories that could semi-standalone (short of context being lost without the other installments) then any movie that needs more than 2 hours should just be a mini series. You wanna tell a 4 hour long story about the Wizard of Oz? Fine, stick it on Netflix and anyone who wants to binge watch it can to make it “feel like a movie” and those who don’t will have 4 - hour long episodes.
I'm starting to suspect that this is why I don't watch as many films as I'd like to. They've all become such a time commitment. Show me what you can do with an hour and a half!