Regulatory changes? Post COVID shrinkflation? What is actually going on??

Something seems consistent across the industry on many brands and beloved classic post 2022 - whatever is in the bottle is not the same as it was before. I’ve seen many times the reason being recent regulatory changes which have forced reformulations and have ruined the old fragrance whether it be the scent itself, the projection, longevity etc. is this actually the truth across the industry or a convenient coincidence and it’s more leaning toward the fragrance industries version of shrinkflation where brands are cutting costs on the product while maintaining prices?

Any insight into this much appreciated. Pp