Why was the Airbus A380 program ultimately discontinued?

It seemed that this aircraft demonstrated excellent performance, being one of the most fuel-efficient large airliners with a consumption of only three liters of fuel per passenger per one hundred kilometers.
The main reason was that the air transport market underwent significant changes over the past decades. Airlines began to prefer a more flexible model of direct flights between smaller airports rather than trunk routes between major hubs. Passengers, all else being equal, will always prefer to fly directly without transfers. This made twin-engine aircraft more preferable, as they could operate more efficiently on routes with fewer passengers.