Seems like they have basically used Covid as cover for abolishing complimentary food in 1st, whilst keeping the price roughly the same. And now expect people to pay a lot extra to get something comparable to 1st pre-pandemic.
Nice little money-spinner...
Me, a cynic? Never!
I don't think you're being cynical, I think you have accurately summarised what has been reported in this thread to date.
Currently it seems that First Class gets you 50% of the space you used to have, I usually used coaches G or H and preferred a table when travelling on my own, and 99% of the time I had the table to myself, and the 1% of the time I didn't it wasn't a problem.
Now First Class seems to want you to "cram" into fewer coaches and with no improvement over the adequate but not wonderful at-seat service.
I probably won't experience the service for myself for a few months yet, but I plan on buying myself a first class all line rover once I feel like travelling again and once I've passed my 60th. birthday (and bought a railcard) in October. If, at least, the on-board service in First Class is a step-change improvement then I might be satisfied, but I'm not sure it will be.
I don't see myself as a customer for Standard Premier/Premium. I tend to get myself more space when travelling Standard by using relatively quiet trains in the middle of the day, and that looks like a tactic which will continue to be a good one.
EDIT I just feel that First Class is no longer worth it on the WCML. It used to be a significant improvement over Standard Class, so that it was worth paying something extra for. I have used it many times, I was a user of First Class prior to the WCML upgrade between Manchester and London going back to the 1990s. But now it represents a minor upgrade over Standard Premium, which I can circumvent by buying my own food and drink prior to boarding, and Standard Premium itself is a minor upgrade over Standard. For some people, under some circumstances, the extra amounts will be worth the payments involved. I would pay more for better food service, something akin to the 1970s Manchester Pullman, so I will keep a watch on what happens with First Class in hope.