I also have noticed a huge difference between CPM and regular 154. I love CPM 154 and wish i could get it on more knives. I know emerson has said on multiple occasions he doesn't just jump on any new steel that comes along, but i feel like CPM 154 is established and is just a better way of making 154cm.
I agree with you that this isn't a new bandwagon or fad given CPM-154 lays down performance that is hard to dispute. Most reasoning I have heard from makers for not going to CPM-154 does not make a lot of sense to me. They may be sensible or practical reasons from a business perspective, but I can't say I personally see them that way as someone who buys their products and wants the best performance for my dollar.
There's been some discussion as to if CPM-154 contains a small amount of vanadium and while I can't say positively either way, I can say that my CPM-154 knives have toughness that bears no resemblance to my 154CM ones whatsoever. The difference in toughness just amazes me whenever I use one of my Kershaw Blurs or Spec Bumps in CPM-154 as they run circles around my 154CM knives. While Benchmade and Emerson make fantastic designs of great quality, CPM-154 is a performance improvement regardless of what literature may be generated on the topic or reason given for not using the better method of PM production.
So as someone who tries to consider both the good and the bad, it's great designs of high-quality production, but with a steel that could be improved upon primarily by slightly changing how it is produced. And if toughness is a key design and advertising point to the maker, then the usage of 154CM instead of CPM-154 leaves room for substantial improvement in this area.
If Emerson or Benchmade decided to go with the better CPM-154, I would be purchasing more of their knives and would be a lot less grumpy over the price increases as inflation or the cost of manufacturing rises.