Why is xenon so rare?

Could you elaborate on the reasons behind the rarity of xenon? Is it due to its unique chemical properties that hinder its formation in nature? Or is it a matter of its low abundance in the solar system, resulting in its scarcity on Earth? Perhaps its high ionization energy plays a role in its scarcity, making it difficult to extract from its compounds. I'm curious to understand the scientific explanations behind why xenon is such a rare element and how its properties contribute to its limited availability.