https://www.consumerfinance.gov/about-us/blog/new-report-explores-the-impact-of-credit-card-line-decreases-on-consumers/
This report is from Jun 2022 - the lead in paragraph:
When credit risk is on the rise, such as during an economic downturn, credit card companies may look at reducing consumers’ available credit limits to prevent against losses. Credit card line decreases are an industry practice where a company cuts a consumer’s credit limit on an existing account. A consumer’s available credit can disappear, sometimes without warning or subsequent explanation.