Sure, long term reputation is severely damaged, but why would decision makers care? Product owners interests are not aligned with interests of the company itself. Squeeze the customer, get your miniscule growth, call it "unlocking value", get your bonus, slap it onto your resume and move on to the next company. Repeat until retirement.
America has thousands of food brands but they're all owned by about 6 companies.
Serving the needs of customers (practically the quality of the product) sits down in the list of importance. Sales strategy, marketing, PR, organizational culture, company values, ..., basically the self-serving measures come all before that.
Better to have a heart, care more about your customers, don't put profits first, but still make enough to keep the lights on.
I think that would make everyone happier anyways.