TL;DR:
Flashlights are starting to get to where they used to be, with both good CRI and good runtime, AND with more output power. Albeit at a much higher price.
One thing has changed for the worse though: thermals. Yes, the flashlights have undeniably gotten much, MUCH more powerful, but the marketing and the whole narrative has changed.
As many of us still own of these ancient 14 Lumen flashlights, they gave 14 Lumen until the battery got drained or the bulb broke. Today, you can get the labeled 20.000 Lumen...for 30 seconds before it drops to 1000 Lumen or less - that is not a 20.000 Lumen flashlight in my book, that is a 1000 Lumen light.
Also, those old incandescent light bulbs gave 99 CRI before CRI even was a thing. Even now, the CRI bulbs that was everywhere, in every household, is now a rarity for regular lamp bulbs, and still often comes with a premium for flashlights or at the expense of some other feature.
The build quality feels about the same. Just more features - like auxiliary RGB LEDs, washing machines with bluetooth, and refrigerators with WiFi (and anything AI just makes it worse) - isn't something that is strictly needed, yet adds to the price of the product, whether you want it or not. I have yet to throw a flashlight away because anything about it broke. But then I don't bring my more pricy lights into situations I judge them not capable of handling.
Batteries have gotten better though. And as already stated, batteries were expensive back then! In the 90s, when I first had access to a flashlight, those 4,5V cells weren't something I could just buy willy-nilly. Its use had to be carefully considered, and most times I didn't bring or use it, even when I perhaps should have. Today, I gladly, and even prefer to, get spare cells in case I need more than, say, 6 hours of illumination.
My biggest issue with most lights today is how overcomplicated they are made. Why 9 modes or more on a single button? And an OLED-screen to show remaining battery charge, mode selection and whatever else? That's just an unneccesary and overpriced accessory that will only get scratched up when the light is jostled around in a pocket, together with a key chain, and maybe some coins and a long forgotten paper clip.
On the upside, there now are flashlights for every single possible desire. Output power, build material, features, LED-choices, price - anything!
Strobe needs to go though. Fenix, are you listening? Get the strobe away, or give it a separate button! Your TK76 had 5 buttons, and the PD35 had 2 - why does everything now have to be on one button, with On / Off on a 0.5 second hold, and Strobe on 1,2 second hold?