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You're close. They admitted the reason back in 2016. Trump brought viewers. Good or bad, he was interesting. MIGAtards loved his tough talk. Redditfags loved pretending to be outraged by whatever stories the fake news made up about Trump. Nobody gives a shit about Biden. Plus, since they can only do fluff pieces, he's even less interesting.

They wanted to give Trump less free coverage, but they couldn't because already in 2015/2016 they had such garbage viewership they were having to cut back. The upper management knew when Trump was out of office their business is unsustainable.