Podcasts make money differently. The most popular way is sponsorships. Some companies pay podcasters to push their products. Another option is ads being embedded into the episodes. Some of them depend on their listeners for support through platforms like Patreon. Some other sell their products, courses, or merchandise. If a show is big enough, the host might sign deals with podcast networks to make money.
The most popular methods of podcasters to earn money are no doubt sponsorships and advertisements, however another underestimated one is merchandise. A lot of creators sell mugs or branded clothing to their listeners.
I believe that monetization is based on the niche and listeners. Patreon or direct support will be fine in case you have a small, but loyal following. Ads and sponsors are more efficient when you have more audiences.