Erm... lets see. Square amazed me during the PSOne era. FF7-9, Xenogears, Chrono cross, between many others. They were amazing and i became a fan.
During the PS2 era this started to die out. FFX was ok but very linear. FFX-2 had a great combat system but was pants story wise and FFXII was an offline FFXI with little story and heavy doses of grind. They stopped doing anything except final fantasy and dragon quest. Most franchises died out.
During this gen, they became even worse. FFXIII has a terrible battle system, linear, dislexic and with terrible characters. Dragon quest became even more niche in the west and anything they throw our way is essentially bad. But, they aquired eidos. The Eidos franchises managed to achieve sucess and basically hid what is eesntially the complete blockage of the japanese development in the company. FFXIV was a disaster and had to be immediatly remade. The new version is not bad but it wont turn any heads, especially on the sub based format that is dieing.
So yeah... its been a downfall. I can only hope that they can get their act back together and can go back to making good JRPG's. I would love a new Chrono, Xenogears (squares version of it), etc. They need to release games. They made close to nothing in the last years.