He wanted this election on his own terms; he called it, to give himself a chance to bloviate and to claim that the very serious allegations against him are an establishment fit-up (when they are not).
The reality is that the outcome of those investigations has the potential to lead to another by-election (because only 10% of constituents need to sign a recall petition). Farage’s calculation is that if he triggers the by-election and wins before those investigations conclude, he can blunt the chance of a recall petition succeeding (and build some national case for Reform)
The response of the major parties to just decide not to play his game on his terms has some precedent. This is not an abdication of their responsibility, it is exercise of it.
More importantly this outcome is funny, broadly understood as a fair response, and is utterly humiliating to Farage, who is thin-skinned and easily enraged. He would have won against any candidate any party could rustle up at short notice and he knows it. He will still have his victory but nothing changes except that he is diminished.