You can still buy really, truly excellent toasters made for industrial/commercial use, or for the homes of the very rich, and they're quite a lot better than the trash people keep in their houses. And they cost a lot more, too. Last time I checked, a commercial 2-slice toaster was in the $300-$400 range.
This is true for lots of home appliances. My favorite example is the Kitchenaid mixer. The modern mixers are very thoroughly "value engineered" to keep the price down. If you want to buy an original "Kitchenaid," like they made in the 1930s, you can call up Hobart and buy a miniature mixer. And it will cost you ~$2,000 in 2021, just as it did in 1935.
You can have the good toaster, the good mixer, etc, but it sure looks like people don't actually want that. The pattern of product offerings in your average store suggests people want something affordable, and it doesn't particularly matter whether it is good at its job.