The problem with the Theatrics/War hybrid is the war tree doesn't provide enough to compensate for the skills in the last two rows of theatrics tree.
The Theatrics/Rage hybrid takes enough AP from the rage skills to compensate for the Bloody Spectacle and the axe/mace doesn't do much bleeding + it ignores a lot of defense. The Overwhelming Presence can be skipped as well since the axe/mace is not on top of the initiative battle anyway and the Adrenaline Rush makes up for Surprise Ending.

Compared to this the Theatrics/War hybrid is just inferior. If you go down enough for War Cry you probably will want to deliver it in the beginning of the round because you will want the best of it but it will put you straight in the initiative battle which means you will need to use fast weapons (blades,exotic) and then you don't have Overwhelming Presence at level 10 so you lose the opening to speed rages and pure speed theatrics. Additionally you will want the Bloody Spectacle for AP/Def bonus and bleeding if you use blades/exotic. The War cry skill is a bit confusing anyway. It works best in the beginning of the round and not so good in the end of the round but it's scaling with Strength. The Theatrics/War build with War Cry doesn't seem cool.

The other option is you can pick Death from Above and one of the first row skills. But is the same problem again (with less effect).

In general the rage skills are superior to theatrics which in turn are superior to the war skills to balance the armour difference. Therefore we see war hybrids going for both theatrics and rage trees, theatrics going for rage tree and rage glads sitting in their own skill tree .