Walking Dead -- eh, it's getting a little old. I thought they were going to explore some primitive economics, and maybe they will, but the cliffhanger gag last season reminded me too much of "Who Shot JR?" Not sure I care. And the spinoff went too heavy on the social commentary, couldn't even finish Season Two.
Mr. Robot is more promising, but I haven't seen one yet that comes close to the satisfaction I got from the clear arc of the story in Breaking Bad. Sons of Anarchy tried, but fell short somehow.
"Oh, we're walking or driving through the woods" "Cool, we found a place that looks cool and has cool people" "Oh, the cool people were actually horrible for some reason" "Time to blow it up I guess."
Budget and the revenue from a hit.
Making a hit is such a crap shoot that depends on a lot of things including what basically boils down t luck, i.e. it grabs the limelight for whatever reason. So when something does become a hit, there's a lot of pressure to just keep things going.
- The network likes that they have a predictable money-making show.
- A lot of fans will continue watching out of habit/duty.
- Many actors and others associated with a hit show may think (often for good reason) that they'll likely never see as good a payday again.
It's also worth noting that shows like Breaking Bad and Game of Thrones still had relatively niche audiences compared to a hit on a major network. Probably makes it easier to plan for a fixed length.
You do see some of the same effect in, say, genre fiction though. There are a lot of interminable series because they have a built-in readership.
It's mostly a US thing. The UK is fine with making shows that have short seasons and that only last two or three seasons.
Furthermore I'm not convinced UK's shorter season format is a good thing. I actually think it's a symptom of much smaller budgets.
I wish there were more shows that just were OK with planning an ending. I like stories with endings. Just know your limits, don't try to make a show that can go on for a million seasons, end it when its still good, and then use the goodwill garnered from making a masterpiece to build the next creative thing.
I'm not sure why this model seems to be more successful in, say, Anime as opposed to western TV. Budget, maybe?