So your employer is getting the same work out of you with less pay? Sounds like you should push for your old pay back.
Outside of knowledge work, the 4-day week appears where demand outstrips supply. It's pretty common for dental offices, an one example, to work 4 days _just because they can_. The bos can pay themselves several hundred thousand dollars a year and pay their staff competitive salaries without giving up their long weekend plans.
I think it mainly speaks to the fact that "most stuff is not actually critical". So people have adapted accordingly and the work that needs to be done, is done, and that which isn't so pressing can wait.