The Wachowskis never lost it.
People lost the Wachowskis.
Take a look through the Wachowskis' back catalogue (i.e. Bound, The Matrix) and their unproduced scripts (i.e. Carnivore, Plastic Man, even their original script for Assassins) and you'll see that the Wachowskis write mainstream entertainments with terrifying ease and deftness.
In 1999, people were ready for The Matrix, which had robots and kung fu and just enough philosophical noodling to make hipster teens feel cool.
Then, in 2003, instead of giving audiences Matrix 2: Matrix Harder and Matrix 3: Matrix with a Vengeance, the Wachowskis had the audacity to thematically and aesthetically deconstruct their beloved original with the first sequel. Then they turned around and did it again with the second.
People were pissed.
The Wachowskis restored some good will with their screenplay for V for Vendetta in 2005. But they pissed us off again in 2008 when the cyber-noir duo inaugurated their long-awaited return to directing with an unflinchingly cheesy live action cartoon in Speed Racer.
Ignoring the fact that Speed Racer was, in fact, a scathing critique of the film industry disguised as a candy-coloured cartoon, irritated audiences were then confronted in 2012 with Cloud Atlas a film that did the first thing filmmakers are taught not to do: mix tones. Let alone six different ones over a period of nearly three hours.
This isn't the filmography of filmmakers going, "Oops, we did it again!"
It's the filmography of filmmakers going, "Catch us if you can!"
Some of us are clinging on by our fingernails and loving the ride. Others have just exited the chase completely.