unfortunately, this movie never had a chance. 99% of the general public has no idea who these people are. only comic book nerds in basements have prior knowledge of all the characters in comic books.
My point being that those other characters have fans and franchises while Madame Web never did as she was just a side character who appeared sporadically in Spider-Man.
Cape Fatigue is real. And yes a superhero movie is going to have to work harder.
But, the question fo the op is on the money. This insistence on putting inexperienced or worse people in charge of big productions,
it's.... I can see how they might have thought that they found a good formula. Something like Superhero plus standard plot plus x amount special effects plus lots of editting equals 1 biilion dollars. Captain Marvel might have made them think that.
BUT, it's failed quite a number of times now. And even these gaint compainies seem to be feeling the effects of that.
Yet, the idiots in charge don't seem to be being held accountable for their failures.
A bad movie is a bad movie, which is exactly what WW84 was. I'm pointing out that you compared Iron Man as an equally obscure character to Madam Web, and that simply isn't a valid comparison.