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So because I have no idea what you would call this "situation" I'll explain a bit of what I'm trying to get at. For some reason as of 2022 a whole bunch of different media adaptations of the classic Italian story Pinocchio have been happening in such a short period of time. You have the Russian movie that starred Pauly Shore doing a voice everyone was calling "flamboyantly gay sounding," you've got Disney doing a live action remake of the classic animated version that was originally made under Walt, Guillermo Del Toro has an adaptation coming to Netflix that is apparently set during WW2, an upcoming Souls-like action-RPG heavily inspired by Bloodborne called "Lies of P" is coming in 2023 that is basically to Pinocchio like American McGee's Alice was to Alice in Wonderland, and according to this one resource I just checked there's even an Italian Pinocchio cartoon airing as of May 2022.

This is such an odd cultural phenomenon to me and I have no idea if a name for this exists, like was there a situation in the past where suddenly another piece of public domain media got so many adaptations all in such a short period? And if this has happened before, which piece of media was it?

TV Tropes has a page on a broader concept known as Dueling Works (which I think was called "during films when I still browsed TV tropes.)

The most important difference between your example is that it includes things that are more superficially similar: Dreamworks' Shark Tale and Pixar's Finding Nemo; Disney's Aladdin and The Theif and the Cobbler. In both of these cases, it is mostly just the settings that are similar with the stories being largely different. And anyone familiar with The Theif and the Cobbler's development will know work started literal decades before Aladdin was released (indeed, Disney took inspiration from its development iirc) but only came out after Aladdin.