I think one of the selling points of TDD, and something I hoped for from TDD, was that causation went the other way, and writing tests would result in code being refactored to separate concerns and reduce coupling. Sadly, I've seen that it is possible to write code that is highly testable but is still a confused mess. What's more, TDD as promoted encourages people to confuse the two, resulting in testability being used as a reliable indicator of good design, which produces poor results because it's much easier to make code testable than it is to make it well-designed.
I've also seen people mangle well-factored but untestable code in the process of writing tests, which can be a tragedy when dealing with a legacy codebase that was written with insufficient testing but is otherwise well-designed. A legacy codebase should always be approached with respect until you learn to inhabit the mental space of the people who wrote it (always an incomplete process yet very important), but TDD encourages people to treat untested code as crap and start randomly hacking it up as if it were impossible to make it worse.
This unfortunate (and lazy) habit of treating testability as identical with good design is not a mistake that good TDD practitioners would make, but I think they did make a mistake in the understanding of their process. My guess is that when those people invested effort into refactoring their code for testability, they were improving the design at the same time, as a side effect of the time and attention invested combined with their natural tendency to recognize and value good design. They misunderstood that process and gave too much credit to the pursuit of testability as naturally leading to better design.
I do think the idea of TDD is not entirely bankrupt, because the value of writing tests is more than just the value of having the tests afterwards, but I think its value is overblown, and people who believe in the magical effect of TDD end up having blind confidence in the quality of their code.