I think it's in fact forward thinking, in that modern executives lost the taste their older elites had. Or at least they fired the tastemakers for those who pleased them personally, to the sacrifice of proper design. Probably a bit of both, along with other factors.

The more charitable perspective (that falls more important point #2) is simply that taste is different now among the modern billionaire. Someone who can wander onto a stage in a turtleneck and denim jeans simply won't be the type of person who wants a "loud and bold" car. But they might still want to say that they had Ferrari make it. Jony Ive's perspective on design may simply be the product of the people and environments he surrounded himself with.