I only know that IPL pays huge money to players and others like BBL, PSL and BPL are no way near to IPL. Overseas players are turning down BBL offers may be because of attitude of Australian players and there backing by CA. I personally don't like how Aussies players behave with foreign players in BBL. Recently M Hasnain faced sledging from Aussie batsman which was fully backed by authorities.
I don't exactly know what happened to Hasnain, but these sort of incidents are reported from Australia very frequently. On top of that, Australia is in news recently for all the wrong reasons. We all know what happened to Novak Djokovic. All this, combined with lower player salaries and extended window makes BBL less attractive to the overseas players when compared to the other franchise T20 leagues such as the Pakistan Super League, Bangladesh Premier League and the Carribian Premier League.
I think the Djokovic incident may be a big factor in this case.
But overall the Australian Govt are strictly following the protocols of COVID which could also be a reason.
Another thing is that so many T20 leagues are being held at the same time period. And As BBL has a lower salary count, overseas players are attracted to other leagues such as IPL, BPL, or PSL because, at the end of the day, money does matter a lot.