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Richardson had been woefully unproductive.
Specifically, he wasn't breaking any big runs. He's averaging 2.8 yards per carry (which ranks him 78th out of 82 running backs). He only has six runs of 10 yards or more with the Colts, and one run of 15 yards or more.
He's getting stuffed on most of his runs, and it's not his offensive line's fault (back-up running back Donald Brown is averaging 5.3 yards per carry behind the same line).
This screenshot from CBS's Pete Prisco sums up what's ailing Richardson right now. He's simply not seeing the holes right now.