Sochi was likely the absolute low point for the Olympics.
Remember that Sochi was a WINTER games....the incredible cost of it, over 50 billion they say was the final nail in the coffin for the Olympics as we knew them.
Remember the bidding process, cities would send the IOC a package and then they would have a vote on it? Because of the enormous costs of Athens, Beijing, Sochi, and Rio, and the bad legacies they had.....it's no wonder no one wants to get involved in this anymore.
The awarding of the 2022 Olympics occurred in 2015, they had a bunch of bids, most notably, a bid from Oslo, but everyone pulled out except for Almaty, a city in Kazakhstan, and Beijing, it was a real egg on its face for the IOC. 2024 similarly had a bunch of pull outs, causing the unusual case of presenting Paris and Los Angeles both with wins.
Toronto's true bids for the Olympics, those for 1996 and 2008, the main nature of those bids was not in the nature of competition, but rather the legacy of being able to develop the Port Lands to some capacity.