I think you’re indeed being a little too cynical here. Enshittification happens because corps are trying to squeeze every cent they can out of everyone they interact with. It’s not like they’re going out of their way to make things worse; that’s just an incidental thing that happens sometimes when a guy with an MBA sees a cost he thinks can be cut. In this case I think the target was a relatively expensive development team; any changes to how much work is put into translation and localization would be a separate matter.

Also keep in mind that they have some terrifying rivals - Netflix, Amazon Prime Video, and Disney+. Each of these rivals has solid offerings in the anime world, and each of them has a deep warchest they could pull from if they wanted to fight Crunchyroll for exclusives. Up 'til now one of the biggest reasons to have a Crunchyroll account over those others has been (believe it or not) the quality of the subtitles. For all of Crunchyroll’s mistakes, those others do it far worse. If Crunchyroll actually dropped their subtitle quality and got rid of features like typesetting I think they’d lose a lot of customers. Oh, and I guess HiDive also exists. They’ll need to make some serious upgrades such as “a video player that plays videos consistently” or “a next episode button that actually plays the next episode” before they can threaten Crunchyroll though.