Yes, it absolutely can. However, these decisions are more the rule than the exception in an acquisition or change of management, whereas people who set out to make things that get the good reviews in the first place will often value the effort they've put into the thing they've made, the reputation they've earned with it, their relationship with their customers, or even just take pride in making something well
Of course, perhaps it would be even rarer in a world whose incentives resisted "optimization" of this kind rather than actively encouraging it
1. Launch good product
2. Get good reviews
3. "Optimize" the design to use cheaper, worse components
4. Sell it under the same name
5. Coast on those good reviews and enjoy the higher profit margin