Cody thinks of the big picture - buying up trademarks, etc. - and has contacts outside the business that are invaluable for a startup seeking continued consistent growth. He's also, easily, by far, the most knowledgeable and creative of the EVPs. Kenny and Bucks may be "more exciting" in the ring, but Cody has the best creative wrestling mind of the bunch.
Tony Khan's excuse that AEW doesn't need Cody because All Out was fine without him is particularly boneheaded. You know who else wasn't there? The current World Champion "Hangman" Adam Page, and no one is going to argue that AEW would be "fine" without him.
Anyway, Cody says it was a personal matter that led to his departure - whatever that means.
Good read here: https://variety.com/2022/tv/news/cody-rhodes-wwe-wrestlemania-38-interview-1235221061/