This seems to happen a lot with all sorts of products. Something gets a really good name for quality and price and then they get greedy and start cutting corners and remove all the advantage the thing ever had whilst retaining a certain amount of sales from the reputation of the product before the bean counters got a hold of it.
This happens so often with things that I am convinced that it is a proper and planned strategy that is being employed. I imagine that there is a name for it and that it is taught in business schools.
It's a huge shame. I'd much rather that they put the price up a bit to cover inflationary costs rather than lead people on like this.
Incidentally have you seen the quality of Dr. Marten boots these days. The price has gone way up and the quality is rubbish.