I have subscribed to Stereophile and TAS from the J Gordon Hold and the Harry Pearson days. Once upon a time you could actually read a bad review. When a manufacturer submitted a component for review they held their breath. So what changed? Here are a few things that I have witnessed in my audio journey.
1. The industry matured and every new component from mid price on up sounds good. Unless you are buying something from a crackpot in a garage, the designer has compared his/her new gizmo with state of the art competitors. New gear isn't released until it has been vetted for acceptable sound. A corollary of this is that the sound of all new gear has converged. There is a generally recognized standard for good sound quality and nobody is going to release something that sounds very different.
2. The audiophile publishing business has ballooned into a much bigger industry with slick magazines staffed by well paid writers that include dozens of full page ads from the major companies. Their role has moved from that of an independent critic to a mission of supporting the audiophile hobby and the related industry. Stereophile and TAS are much more like trade magazines now instead of publications that provide critical buying guidance.
3. The magazines have admitted that if they encounter a substandard product they don't review it. They intentionally filter out any products that would receive a bad review. I don't have a problem with this because if a brand or component has been reviewed positively in one of the publications I'm comfortable that it's going to sound good.
4. The publications have declared war on blind testing exactly because most components sound virtually identical. The entire industry is founded on expectation and confirmation bias. IMO this is fine because we are not using our stereo to treat our chronic diseases (hopefully a bad component won't kill us) but I think that a sober recognition of this is important.
5. I believe that the magazines have adopted a role of making us feel good about whatever gear we purchase. If we are drawn to a particular piece of kit, a thorough review can help us justify spending the money (or perhaps raise a red flag). One especially good feature of a speaker review is an analysis of how that speaker will match with an amp (sensitivity, impedance curve). Same thing goes for amps. Even very positive reviews can be informative and therefore provide value to the reader.