Mechanicals are to blame imo, carbon shafts too as they are light. Carbons penetrate foam better than aluminum, but I think that is due to the smaller diameter. Not the same on flesh when there is a big broadhead leading the way.
I used to be a freak about penetration. My last "penetration" bow was a Martin Fury, shot at around 76 lbs, shooting 2419 with the original Phantom 4 blade. The arrow weighed close to 700 grains, and was chronographed at 265fps. It sounded like a boat paddle hitting a bucket when I'd hit a deer with it. When I set it up, the guys at the bow shop asked just how far in the dirt I wanted my arrow to stick after going through a deer! In the field, it was impressive.
Since those days, I've switched to mechanicals, lighter poundage, and carbon shafts. I came to the realization we are shooting deer with skin about as thick as a Tshirt. They aren't hard to kill if you shoot them in the ribs. Even with today's set-ups not blowing through deer as the old ones did, I think for the greater good of the sport and increased participation, mechs and carbons have made it easier for the masses to KILL deer. Once upon a time, it took a little work to get those shovels to fly straight. With mechs, any nimrod can hunt and shoot as accurately as they do with field points.