> - There are dedicated UX teams whose sole focus is to improve UX.

They don't work like the UX teams of yesteryear.

In the early 2000s, companies did user studies. Put a potential user in front of the product, let them use it while the UX team observed. Ask questions to the user afterwards. Make changes, repeat.

But that kind of research is expensive, so it's thrown out to instead just collect tons of metrics that likely don't tell a whole story. They think "Users must love feature X because they keep clicking on it!" when the reality is that they're trying to find something else, but the label for X looks related to what they want.

I agree with all your points regarding the race to the bottom. I think that's why UIs hide so much information. Older interface designs are considered "confusing" or "cluttered" because there's so much there at a first glance, even if all the buttons elements are grouped by functionality.