I think mainly because it was a fad. There are still games with meaningful choices in them like
>>717495756 said, but most devs are chasing other fads rn.
Also because a design challenge of meaningful choices: It is less efficient for content/dev time. If you mak a game with a choice that has two strongy diverging outcomes, you now need to design the rest of the game twice, one for each variation. It's also locking off content from the player as they might not replay the game to discover that other content from the other choice.
>Bad Example
The Walking Dead telltale game (first season). Even though they lauded that their game was all about meaningful choices, most of the same shit happens. IME it felt like my choices were not very meaningful because they didn't change the structure of the story only the flavor of it. So the experience rang a bit hollow.
>Good Example
Witcher 2. The choices you make in that game produce VERY different outcomes and quests to the point that a choice you make at the end of act 1 gives you a completely different version of act 2 in a different location with entirely new quests and characters that share almost no crossover. This is sick af and feels meaningful but is a tremendous amount of work.