The company I work for got bought out and from my perspective things have only improved. From the perspective of the random customer who has the first thing go wrong in half a decade though? Those immediately blame the acquisition.
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Bethesda buying Id Software.
Gucci. It got bought out by PPR in the 90's, they replaced everything but the name pretty much. Tom Ford's work as the new head designer turned Gucci into the iconic modern luxury brand it is today.
(I only really know this as I was slightly obsessed with that House Of Gucci show with Lady Gaga in it. She's a fantastic actress.)
I don't think we should be too surprised by this. If a company isn't all that good before a conglomerate buys it, then it's unlikely to be widely known. Conversely, if a small company is widely known, it's likely to be exceptionally good. So, even if acquisition usually just results in regression to the mean, we'll still mostly have heard of ones that degraded the company.