Iirc the average bus fare was 70p when mayor Sadiq Khan came to power, I was told the hopper fare dropped it to 60p but it appears to have gone up to 70p the main determination of average bus fare revenue is zip card usage and travel card reimbursement. Travel card reimbursement is low for buses because it is done on a per mile basis which disadvantages the mode that Carey's the passenger the shortest distance which is most likely a bus zip card revenue has a notional value of 0 same with staff passes 60+ passes , veterans etc etc. Freedom passes have a notional value of £1.05 per trip as this is what TfL gets reimbursed by London councils
The loss of subsidy has meant the planning capacity of bus routes (basically how full the bus needs to be before the frequency is reviewed) has gone up from 70% - 90%, bus routes have been shortened and realigned based on the principle that there is less of a need to provide a direct services.
Also by transferring the route mileage from inner London to outer London they can cut the amount of buses used to deliver those miles. This is because the average bus speed is slower in inner London than outer London, so outer London requires less buses to cover the same mileage.
I also believe there have been huge cuts on buses that cross the greater London boundary , this is because TfL are no longer willing to cover the loss of revenue that is made by serving these areas without a subsidy from the local authority from which the bus serves