A few reasons.
First Dinosaurs had less size constraints compared to mammals. Their reptilian physiology favored a larger size. Hollow bones to lighten them while maintaining strength, avian respiratory system to maintain temperature, and egg-laying make it much easier to reach massive sizes.
Second, we would see more large animals if we weren’t at the tail end of a mass extinction event that hurt megafauna more than smaller animals. Humans are bio-engineers that can exploit nearly everything, large animals need plenty of resources and large, healthy environments to thrive. We are great about destroying those things.
Also, it has nothing to do with oxygen levels. Oxygen has no real effect on vertebrate size, only invertebrate size.
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