The news comes from the Forza blog, which explains the delisting is due to "licensing agreements with our partners". In other words, Microsoft only had authorization to use the various brands and cars in the game until the December 15 date.
As digital distribution becomes the norm, delisting has become common for racing games using licensed content. Gran Turismo Sport was delisted in January of this year, and Forza Horizon 3 faced its own demise in September of 2020.
Of course, anyone who purchased Forza Horizon 4 before the delisting date will continue to be able to download and play it, and all physical copies of the game will continue to work, but no new sales can be made. However, Horizon 4's DLC has already been delisted as of June 25 and will no longer be available to purchase. Series 77 will start on July 25 and will include the game's final Festival Playlist, ending on August 22.
If you're still looking to try the game, it's currently heavily discounted on Steam at 80% off, and Microsoft has announced another sale will begin on the Xbox Store on July 14.
The delisting marks the end of the road for a much-loved and once-popular installment of the Forza Horizon franchise.
Goodbye, Forza Horizon 4, and thanks for all the memories!