My working hypothesis
We’re all trying to make sense of the limited information available regarding the end of Mueller’s investigation. This is what I think is most likely based on the limited information available now:
Mueller stayed within his mandate, using prosecutions as a way to work up the ladder when necessary. Any extra crimes he may have uncovered, he handed off. There are at least 12-17 other investigations into Trump and his associates right now by state and federal authorities. Any future indictments will come from them.
There is a strategy to this that makes sense given what we know (admittedly little) about Mueller. He seems to have very carefully stayed within his mandate. Some might say he stayed too narrowly within it, as it was kind of open-ended. But no one can legitimately say he went out of bounds and was prosecuting people he should not have. He survived at least two attempts by Trump to have him fired in part because of this. Any actual firing would have been incredibly illegitimate because he was doing what he was appointed to do.
Additionally (and importantly), it makes sense that he has spread out any potential charges to other entities – this makes it harder for Trump or one of his allies to block the investigation and filing of charges.
NOTE: This is subject to revision and likely will be altered as new information becomes available. I’m trying to make sense of the news just like everyone else.