I don't agree, its like saying Victorinox/Wenger ran out of business because everybody eventually got that small pocket knife of theirs and due to its quality nobody is replacing those.

Yet reality is more like - completely new markets are opening, new rich people look for quality good brands, or father happy with his knife for 20 years will buy another one for his son. Or Miele, brand completely built on just its perceived reliability. They cost 2-3x more compared to even Bosch/Siemens, without any unique features apart from this.

The problem is, as almost everywhere in corporations - C-suite bonus incentives. Quick milking without care about long term strategies or brand name is the name of the game.