I think we're actually passed that arms race, to be honest. A much bigger trend is for low alcohol and no alcohol beer (or drinks in general).
I completely agree otherwise. The reality is that a lot of 'new' craft beer drinkers don't like the taste beer, so a beer flavoured with all sorts of artificial flavourings is right up their street. I'm sure that'll end as they either convert to beer-proper or move on to the next trend. That's my opinion anyway.
Thankfully we're starting to see some new breweries specialising in making (and crucially, perfecting) classic styles. A core range of classics is a much more exciting prospect to me than an endless run of one-offs and collaborations.