While standards may not have been dumbed down, there are some items missing that used to be part of most OW courses. Buddy breathing, rescue skills, gear doff and don, etc.
Are those necessary? Maybe not but they were great skills for confidence and comfort in the water.
Where standards do play a role is ratios. Refusing to lower them because only a few people die every year due to separation from the instructor doesn't inspire much confidence in an agency.
Leaving the decision to say conditions are fine for more than one or two students solely up to the judgement of the instructor has resulted in several deaths, numerous rapid ascents based on reports, panicked divers, and I can only guess at how many unreported injuries is another standards fail.
That judgement is often based on ego and over confidence as well as the "nothing bad has happened to me before" line of horsecrap.
It can also be based for a new instructor on seeing how their own far more experienced instructor handled things. Then the stuff hits the fan and they are lost because the 7-10 day IDC in ideal conditions didn't prepare them in any way for colder, low vis, silty diving. It was cramming to pass a test. Not how to actually teach a class or handle divers in any kind of stressful situation.
Standards allow a brand new instructor who has never taught in cold water to pass their IE in the tropics and move to the Northeast US and teach a class with checkouts in a cold dark quarry. With no experience in those conditions. That's a standards fail.