I think Hornby is presenting itself like the 1970s but the market is far demanding and sophisticated with determined competition.
Why did I return to model railways? Because I bought Bachmann diesel locos that work and don't have to be pushed like the old Hornby ones.
All around Hornby circle competitors who are motivated by Hornby's inability to produce what the hobby wants. They are successful because they are good and Hornby remain tone deaf to the customer.
TT120 was a bold new start but even here, with a blank sheet and no competition, they manage to repeat their old mistakes, releasing inconsistent items rather than a coherent range of engines and carriages/wagons that work together.
On top of that, mentioned by previous posters, they fail to exploit the variations possible in a model run to maximise their return on the initial outlay.