Private equity, and computers, optimized all the profits which drove profit quality down. We all have lower quality products to enrich a few finance individuals
Or more likely consumers vote with their dollar and cost matters over quality. PE is just a bad scape goat, there are obvious outliers but largely companies make products that consumers want.
It's not at all rare for a company to sell a quality product at a low margin for some years, building up a reputation, and then start decreasing quality to increase profitability once the quality branding is established.