Based on a recent interview from Triple H, seems WWE's plans for 205 Live's future is to eventually merge it into NXT and no longer be its own dedicated brand and show.
Quote:
You’ll start to see 205 begin to. I think it always existed as an island onto itself, a little bit, and it’s become lost in this limbo. You’ll begin to see it move more towards the NXT banner and the talent there. We have a lot of talent. For them to begin to compete either open against anyone or in the cruiserweight division, but have that title sit under the NXT brand is more meaningful. It creates more opportunities for more people.
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https://www.newsweek.com/triple-h-in...keover-1458604
Also seems WWE is gutting some of NXT UK's star power in order to boost NXT for the weekly live move since both Pete Dunne and Toni Storm are currently planned to be heading to NXT.