B5 wasn't well-known enough or financially successful enough for Paramount to allow the same thing for one of their flagship shows.
If they'd waited until DS9 was done then VOY would've been better off.
What about X-Files, that was a popular and a serialized story that was on the air before Voyager. The thing is the 90s when serialized stories became popular, so Star Trek not getting on board made it seem behind the times.
Plus Voyager's story demands serialization more then TOS and TNG, Janeway should have work harder to gain the trust of her crew then Picard or kirk, considering a quarter of her crew is Maquis, that should have a story arc. Also Voyager should not repaired the next episode when it took damage, considering Voyager didn't have access to Starbases. Voyager should have looked way different by the end of the series then it did in the beginning.