Why did Concacaf do away with the old Concacaf League?

Forge’s defeat last night was their fourth(?) consecutive first-round exit in the Champions League/Cup.

This got me thinking about two things once again

  1. The current Champions Cup format almost guarantees this kind of thing is going to happen for the foreseeable future.

  2. The now-defunct Concacaf League was a much better competition for Forge and the CPL because it had them playing teams at a comparable level and it took place in the fall when the CPL clubs were in mid-season condition.

The latter point in particular got me wondering: why exactly did Concacaf do away with that competition in favour of format we have now?