Honestly, I'd blame Wall Street here more than the tech companies, but it's really everyone's fault. Tech compensates people with stock, so everyone is incentivized to make the stock go up. That's not always doing what's best for the customer.
But also running a hardware business where every customer buys something once is a tough low margin business. New players don't want to get into the game and old players have to placate Wall Street. Even Apple is shifting more and more into services, but they can vertically integrate and are already "upscale". No one can pull of being an upscale light switch.
Honestly I think open source is the only thing that will save us here, but sadly there isn't a lot of money in that either.
Source? Phillips/Signify seems to have been very happy to sell expensive but great light bulbs for many years. Why do you think that's not profitable?