"Is it not possible that the "value" that once existed in having keywords in domain has been set to zero or next to zero? "
I think that is what G should have done. And I was surpised they didn't do that years ago (they should have).
Instead I am seeing EMD sites not just lose rank for their domainname related keywords. These sites are more or less completely banned for any an all phrases. Subpages that have nothing to do with the domainname are banned as well.
For the most part I gained more than I lost from the EMD change. I didn't do too many EMD's. Plucking down a few thousand never seemed worth it for something that I assumed would quit working eventually.
That said banning EMD sites is a little unsettling/surprising.