There was an article about the word enshitification, what you describe the real life example: you are paying a premium price for a product with a lowering quality every year that goes by. Fighting labelling fraud is the correct answer.

If it is written extra virgin olive oil that means a certain oil quality expected in terms of taste. For me that means I can enjoy a non rancid oil on my tasteful tomatoes with real mozzarella di buffalo, and that is a world of difference with making the same salad with tasteless but "tested on rats safe" products