Yeah that's a very common failure mode. Like the LED itself, the power supply electronics are also intolerant to heat (see my comment on parent). So all the same principles apply. Companies which cheap out will use barely-adequate components in the power supply circuitry and skimp on cooling. The power supply will run hot and fail after a few months leading to total failure of the bulb, or if it manages to keep limping on, the LED will have noticeably degraded within a few years due to the heat.

Reducing power will help a lot with this, less current flowing through the power supply and less heat generated.