Whenever people see old systems still in production (say things that are over 30 years old) the assumption is that management refused to fund the replacement. But if you look at replacement projects so many of them are such dismal failures that's management's reluctance to engage in fixing stuff is understandable.
From the outside, decline always looks like a choice, because the exact form the decline takes was chosen. The issue is that all the choices are bad.
I mean, like, Disney has been getting worse at CGI, but only because then whole company has given up. This is just normal companies shifting around, though.
The problem with CGI today is that it's over-used and mis-applied in areas that still have Uncanny Valley type issues (fight scenes, car chases/crashes, etc).