As has been the case with pretty much everyone else that was released over the last 16 months, Bray Wyatt was reportedly told that he was being let go by the company due to budget cuts. 

Dave Meltzer of the Wrestling Observer is now reporting that Bray Wyatt was told by John Laurinaitis that he was being let go by WWE due to budget cuts. Many other released stars have gone on to the record to say similar things since being let go.

What makes Wyatt's situation even more interesting is that, as Meltzer notes, the former WWE Champion was preparing to return to TV in August, and had even been booked on some upcoming shows:

Dave Meltzer reported that Wyatt was told by John Laurinaitis that his release was due to budget cuts. He was preparing to return in August and was booked on some shows.

Bray Wyatt signed a WWE developmental deal in 2009, before debuting on the main roster the following year as part of The Nexus stable, performing as Husky Harris. He then created the Bray Wyatt gimmick in NXT and returned to the main roster in 2013.

Bray enjoyed a lot of success with the gimmick, winning the WWE Championship in 2017. He recreated his character once again in 2019, debuting The Fiend. As this even darker iteration of his already dark character, Wyatt won the Universal Championship on two separate occasions in 2019 and 2020.

As of right now, there is no word on whether or not any other WWE Superstars have been released by the company, as the recent 'budget cuts' releases have tended to come in batches, but Bray Wyatt is the only name WWE has confirmed as of right now.

For any potential updates on the situation over the coming days and weeks, make sure you stay tuned to GiveMeSport.