The bubble DID burst, what you see is the backwash of having put out a huge amount of AR's two years ago, and now, the market went soft. Reputations got hurt, the recession DID settle in, and things cooled off enough the makers had a breather and aren't going to get trapped in high stocking levels, discounting, and suppliers in backlogs. They discovered you CAN wait it out for a disposable cash discretionary income item, because fickle customers keep cancelling orders to jump on something else just because it's available.
It's a reaction to all the Children of the Mall who have to have the latest fashion in guns, and they aren't going to tie their future prospects to a shipping container of hope that might fall overboard. Bluntly, the American consumer abuses retailers, demanding it NOW, having no product or brand loyalty, and constantly hammering stores for discounts and fire sale pricing. Retailers get a little jaded after jumping through hoops to get the One Gun To Rule Them All, just for a phone call cancelling the order. They picked up an S&W down the road.
Self disciplined consumers who know what they want, plan ahead, and get in line are successfully buying guns every day. Businesses are dealing with serious buyers with real money committed to what they have to offer. It's the fad shooter jumping on the bandwagon finding no room, or even knowing where it's taking them.