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Back in the 80s pizza hut charged premium prices, but tasted fantastic with actual quality ingredients. Tasted even better if you ate it at the restaurant right out of the cast iron.
Then they lost some sales to cheaper on the go places that popped up like Dominoes and little Caesars. Instead of sticking to the higher end and maintaining for customers that we're willing to spend more on taste, they opted to go down in the mud and compete on cheap, cheaping out on ingredients and cook\prep time. They couldn't do that as well as the other guys, who'd been doing it from the start. So they completely tanked themselves. Dumb corpo decisions. You can't make a shit product to compete with other shit product when all your brick and mortar is 4x the size and not designed to sling out pizza as fast. Instead of just excepting that they weren't going to keep all of the customer base wanting pizza, they shot themselves in both legs.