I think the way the flagship show has jumped from streaming service to streaming service over the last five years has absolutely lacerated its cultural impact internationally. I think there was probably a time where Werq The World being an arena tour was possible, but that time has passed now. I think the crucial thing being that... the casuals that will actually fill these venues aren't going to seek the show out if its not popping up in a recommended sidebar on Netflix; doubly so when it has moved to the production company's very own streaming service where nothing but Drag Race is provided (I'm sure WoW produce other stuff but let's be honest here.), so the zeitgeist has just... kinda moved on.
There's all that, plus the fact that there are now literally thousands of Drag Race girls all vying for a slice of the pie and as the great Gia Gunn once said, "Eventually, you get to the point... where the dolls are the dolls." I'd say a lot of the winners have managed to become their own entities that don't rely on the health of the show to survive. Trixie (arguably the most successful drag queen in the world at the moment?), Bianca, Bob, Monet, Alaska, Sasha V, Lawrence, The Vivienne, Jinkx, Shea et al, have all broken out as people who are getting opportunities in their own right. You also have non-winners like Katya, Willam, Delta (who would have thought?!), Bimini, and... probably a few others that I'm forgetting that have carved out successful nichés for themselves to stay booked and busy in. In the grand scheme of things though, it's a handful of girls who are fine while the rest are duking it out for spots on these tours to keep the cash rolling in. It'll be interesting to see what happens in the next year or two going forward, because it would appear the bubble has burst.