Cash flow is a consideration (he's probably paying about $87k monthly in mortgage, plus staffing costs, utilities, upkeep, property taxes etc.) now his income's dropped, but not the only one.
California is looking to increase maximum income tax rate to 16.8% and corporate income tax to 9.6%. Meanwhile Wyoming has literally no personal or corporate income tax. Loads of influencers are moving out of California at the moment for tax reasons while claiming personal reasons.
Sure enough in the video Jeffree says that he'll be back in Cali once a month, and that a bunch of employees are "moving with him" to staff his "other businesses" (although supposedly JSC will stay in Cali). I think he'll have his "registered address" in Wyoming but largely stay elsewhere.