I think there are also issues of scale of investment and revenue splits - I can't find right now, but there was a rant tweet from a Japanese comic author that apparent typical compensation for webtoons was below labor cost of his team by couple digits, and I also remember seeing similar rants on topic of AI training materials that were off by even larger magnitudes(like $.25 per dozen images one-time vs $1k per use recurring).

So authors seem to be getting paid more, and that leads to an obvious question of how. One possible answer to that is maybe Japanese media contents - be it images or anime or light novel or classical novel - are still heavily subsidized by its strong and isolate domestic consumption. Average household expenditure on reading is about $120 per year in US and $325 in Japan[1], which IMO roughly coincide with this hypothesis.

If there actually is such a situation... maybe what's missing in Western media is just accelerated consumption. It's weird to think that Americans and Europeans might not be consuming enough media, but that could be it.

1: at current rate of 150 yen/dollar; raw value is 50k yen or ~1% average yearly income

A sort of joke is that many anime episodes are a 30 minute ad for the soundtrack CD. If you look at the anime by itself the numbers very clearly make no sense, but shows are financed by integrated production companies that make their money on side merchandise.