That ('we have 60" flat screen TVs that are better quality and cost a fraction of what a similar TV cost 10 years ago') is not the standard / typical meaning of

That ('we have 60" flat screen TVs that are better quality and cost a fraction of what a similar TV cost 10 years ago') is not the standard / typical meaning of a race to the bottom. TVs don't have effectively zero marginal cost. A race to the bottom is specifically about a reduction in quality that forces effectively all providers to follow or be unable to compete. In the case of airlines, customers thought they (only) wanted the lowest price, so airlines (helped by non-transparent UIs at ticket comparison sites like Expedia, Kayak, etc) actually reduced the quality of the product by removing features (pillows, blankets, food, drinks, seat size, seat selection, changeability, eligibility for upgrades, etc). Premium Economy in most cases is just charging customers for what they used to get in Economy.