I also simply believe that Michael Keaton walked away from Batman out of loyalty/allegiance to Tim Burton and simply because he didn't want to do it anymore. I suppose besides the fear of playing second fiddle to the villains again, there's always the worry about being pigeonholed/typecast/tied down as a superhero character. Keep in mind that this was still years before, the MCU was a thing, and it's no big deal for Robert Downey Jr. to play Tony Stark at least ten times on screen. Apparently, Michael Keaton (and I don't know if he feels this way today) had an adverse feeling towards sequels anyway because of the concern that he would have to figure out how to play the character differently (even though it's the same character, it's a different story if that makes sense). Plus, it isn't like he needed the money (even though he did turn down a reported $15 million payday to come back as Bruce Wayne for a third time).
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