I suspect the last. Consider the limited ES (sales) of Saruman compared to marquee comic licences or even the COTD line. Queen of the Dead is getting 3000 pieces (a made up character no one has ever heard of) compared to 1400 Saruman PFs.
True, but they still have to be making a ton of money on 1400 even. QotD at 3K is not going to sell out anytime soon and scantily clad always doubles the ES anyway.