The reason for Android's Notification system being better than iOS, is solely due to the ability to turn off individual aspects of an application's notifications.
Google, the poor multi-billion dollar scrappy startup that maintains Android, made a payment app that has one notification setting, "Google Pay". So all the ads, promotions, everything.
3rd party apps like PhonePe & Paytm have a better system.
For Android, having apps ask for permission for notifications is a very new feature (debut in Android 13 I think) so by default apps notifications were collectively permitted. It would be up to the user to explicitly go in and disable notifications after the fact. I think many people either didn't know how to access the notification settings or just didn't care enough to disable them.
