Personally, I think it comes down to talent and familiarity. I think most Western developers are more familiar with shooting mechanics and PC-style games that favor mouse and keyboard controls that don’t really require the same amount of strict, frame-heavy and in-depth programming like a
DMC, Ninja Gaiden or Tekken. Japanese developers seem more used to console style games that favor the controller which require fast reflexes, smooth frame transitions, depth and responsive combat. Hack and slash, close combat and fighting games in general are just normally more complicated to create and get “right”.
You are right though. That is a bit of a mystery why more Western developers haven’t really been able to pick up how Japanese combat works, feels and looks though after all these years.