Companies know how to make good product, but if they don't have "new and shiny" to impress us anymore, then their only alternative is to make things worse so they can heel turn and then make things "better" by unmaking all of the worse things they did.
They can also milk their customers coming and going in the process.
It's not "enshittify or lose", its just raw greed. Things will get better again, either that or a competitor will destroy them. Enshittification is just the current meta and a new one will come soon enough.