Shots fired on Man of Steel. Lot of people think that $667M was great for MOS, but at a cost of $225M and the then Studio anticipating it to be their highest grossing film, it's another underwhelming CBM performance.
It's never about the final gross. Although that is a big part.
It's always about reception and future possibilities.
For example, Batman Begins and Superman Returns both grossed the same domestic and WW at roughly equivalent budgets (Superman Returns had to account for the Superman Lives development in it's budget). But only Batman Begins got a sequel because Superman Returns wasn't received well among the general audiences, and didn't have good legs whereas Batman Begins had both and great DVD sales.
Similarly, The Batman's budget ballooned thanks to Covid delays which means a sequel can be brought in at the same or lower budget. Had a bigger opening and better legs than MoS both domestic and WW (had way way better legs than BvS). To make a Superman sequel, the budget will always need to increase a lot since you can get away with lower salaries and less VFX in the first movie compared to the sequels but the costs don't increase as proportionally for a Batman sequel.
In the end it's always the reception, legs and the box office/budget looked at as a package for the decisions to go ahead with sequels.