It would seem the turning point was the UD entrance in 1989. They moved to a higher quality (and higher priced product) and that started a domino effect that I believe has fatally hurt the card industry. How many years did the industry survive on a reasonably priced, yet an acceptable product? I could probably do a quick search for pack prices in the late 80s, but I seem to remember them not being much more than $0.40-0.50 each before the beginning of the end. Even with choices, such as Leaf, Bowman, Fleer, Donruss and Score, it was all pretty much the same product with a different name and slightly different look. Although the 80s seem to have seen the greatest appreciation in value, cards always had been a relatively small group/hobby presence. I mean even when i was a kid, most of the other kids weren't collecting cards. i'd say I was in a minority even then. Adults did it as well, but the kids probably kept it alive as long as it has survived and if the kids have lost interest or have been priced out now for the most part, it stands to reason that as the adults age and leave the hobby through attrition, then it will slowly shrivel up as well.
I don't know if the card makers would have any regrets other than in relation to bottom line profits, but I regret that we didn't maintain a hobby that resembles the 70s/80s. Lots of choices for both major card brands as well as a seemingly endless variety of oddball issues, mostly affordable product, lots of unique/test products that kept things interesting. The UV/Premium revolution changed it all. Higher quality, higher pack prices, then slip in some really tough autographs, serial numbered Elite inserts, then inserts in general, 1/1s, game used and so on. Heck, I really love autographs, but that has also lead to the ridiculous pack prices and the mentality that these pieces of cardboard are no longer just a kids play thing, but a valuable keepsake and potential investment. Give me the non-certified vintage signed cards all day and take away my pack certified cards and i will still remain forever happy.
As for Topps, they are probably perfectly happy racking up profits in the NOW. It may be a short term thing, then again maybe the card industry can find a way to survive for another 60+ years. I guess only time will tell.