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Companies didn’t want to lose copyright on previously created works, most notably Steam Boat Willy.

US constitution says copyright duration needs to be finite, but it kept being extended in little increments. Nobody has succeeded in pushing for more than 70 years yet so slowly a few works have been entering the public domain every year including just recently Steamboat Willie.

Greed. When you're a trillion dollar industry and your monopolies are about to expire, you lobby the government to get them extended.

IIRC it was bumped up whenever the Mickey Mouse got near the line.

Surprised Disney haven't managed to get it changed to death of the copyright holder + 70 years, rather than the artist. That is not dead which can eternal lie, / And with strange aeons even death may die.