Bumpers have lost their actual purpose…

Sadly, there is more money in making something less functional but more appealing and profitable. This applies to other hardware as well: they were often better made in the past- and therefore long-lasting. It is a paradox in an era where everybody talks about green tech and decreasing waste.

Do they make more money protecting cars less?

Two fold. For one, EPA standards necessitated better fuel economy which led to stripping weight from the car. Additionally, impact testing became more rigorous. A harder bumper transfers more shock to the passenger thus a crumpling, cheap, lightweight bumper is their tradeoff.

Pedestrians surviving a hit is also why the big change

The change would be related to protecting pedestrians if they are hit by a moving car, also crumple zones to cushion impact when hitting other cars. If you can walk away from a high speed crash then it's a win.

In low-speed impacts you might want a bumper like this, since it keeps your paint job pristine. But, a major impact with a rigid bumper like that means the force gets transferred to you, the squishy human _inside_ the car, rather than displaced by the crumpling chassis. 1/

Greed is why! They rather you pay 7500 for a fender bender.

pedestrians are better protected by new ones

Make bumpers great again!