We have craft beer, some of the best in the world. Consistently winning awards.
And the watered down macro beer was not "jettisoned for profit". It was replaced for "beer for the masses". As American cities grew, the demand for beer was greater than the supply. So - just water it down. And that is what happened.
Then came the macros you speak of - the corn and rice beers. Corporate brewers began adding corn and rice to the mill because it is much cheaper than barley. Rice is usually preferred because it adds no flavor, and gives the fake beer a clean/crisp finish.