It's because of the lacklustre presentations. Nobody can deny Steve Jobs' immaculate presentation skill, that he can present anything, no matter how lacklustre, into something that you thought is amazing. Simply watch the first iPhone keynote. We know it's bad by today's standard, but after watching it again, there's a tiny desire wanting to buy it again.
The current Apple doesn't have this magical show person anymore. Thus even though Apple kept making great products and innovations, the less techie public (let's face it, many people here are not as techie as they think they are) are not as awed simply because the presenters are not as magical. I mean we can watch the most recent Apple keynotes, and despite their ridiculous production value, the people presenting just don't have the same gravitas as Jobs. Craig is the closest in terms of enthusiasm, but he's mostly just software.