People wanted Homelander to scorch the Earth,
Don't want to die, and
Win in the end
That’s exactly what’s wrong with people as a society, Makers don't want to leave that image, don't want bad people to win
Homelander did horrible things. He ruined lives, killed innocent people, and treated himself like a god. A character like that doesn’t deserve a glorious ending.
And that’s why his death worked.
He didn’t die with aura or pride. He died like a human being scared, desperate, begging for survival in front of Butcher and live television.
The man who saw himself as a god was reduced to fear and helplessness.
That’s the most satisfying ending a villain like Homelander could get. Evil shouldn’t be rewarded just because it looks cool.