This indicates that you had reached the maximum amount of credit that Chase is willing to extend based on what they know about your financial circumstances. This is different from what we are seeing now, when issuers seem to be looking at "unused" credit as a risk (and also as a predictor of an unprofitable account).
CC default and delinquency rates are rising, and rather quickly. While things aren't bad as 2008 onward in wake of financial mess/credit crisis nevertheless banks are worried, very worried and taking actions.
https://www.foxbusiness.com/economy/...level-14-years
Consumers are raking up large amounts of debt at same time high interest rates have made doing so very costly. All that free Biden money is now largely gone but consumers are continuing to spend and or are using credit to mask loss of buying power due to recent high inflation.
Carrying CC balances was one thing when APRs were in middle or close to teens. Now with even best cards charging APR rates in low to middle (or above) 20's cost of servicing said debts is costing households dearly. Yet they keep spending.
What Chase is obviously worried about is account holders with lots of unused credit simply sitting around in a sock drawer, then one day card comes out and spending begins. Once that happens there isn't anything Chase or another bank can do besides cut limits, raise interest rates or take other punitive actions. None of them will ensure Chase or any other bank is repaid. That leaves one option no matter how egregious, shut accounts down and walking away from customers.