When stat squishes happen, endgame tiers get compacted more than leveling tiers. There are now only 5 ilvls separating the first boss of first tier and the last boss of the last tier in WoD. As a conquence, there is no longer any separation at all between launch-day flasks and the mid-expansion flasks.
Stat squish isn’t a nerf technically, it’s just a scaling down of numbers. So what used to be ilevel 1000 gear is ilevel 265 now. And in the new expansion, instead of going to ilevel 1500, we’re going to ilevel 400+.
Edit: Interestingly to me, this stat squish after the defeat of Sargeras and the destruction of our artifact weapons actually felt in line with lore. Like the overall power equilibrium of our world was being driven up by all the stuff we had to unleash against a guy trying to destroy all creation in order to put it out of reach of the old gods… and we neutralized each other’s power to make ourselves smaller. Stat squish fits pretty neatly into an RP story arc at least.
Gamewise though, if a flask (or scroll or food or other enchant) used to give like 100 int, and another gave 120 int, the stat squish could’ve knocked both down to 11 int by some weirdness. In a way, the level scaling applied to the various blocks of old content probably would’ve been required after the last one or two stat squishes since there’d be so little difference in power left to those lower levels. I remember people with inscription profession exclaiming over how some of the lesser scrolls actually had a point more than greater scrolls due to interesting things down at the lower levels that Blizzard had to get in the weeds on to remedy.