Where did simple, affordable action figures with cool backstories go?

Just looking for some action figure toys for my 6 year old like the GI Joes I remember, and there's hardly anything. What is available is either a movie IP, or just premium toys that are catered to adults.

Are there really no original creations that are just directly aimed at kids?

We had so many wacky properties that ended up as kids action figures like Ninja Turtles, Street Sharks, Crash dummies, Dino riders, power rangers, etc. etc. I know some came from comics, but others were completely original.

I remember as a kid the most engrossing part was that you'd get the backstories to read about the world of the toys and the characters, you'd often have a cartoon to watch that had the characters. You'd flip through the catalog showing all the toys and get excited about the big sets you couldn't afford. Or there would be comic books and other stuff you could find. The worldbuilding was special and that's what really got you hooked.

Why doesn't that exist anymore? It seems like a huge untapped market? It was so big for kids back in the day.

Or does it exist and I'm missing it?