I don't think that "phoning it in" was the problem with the godawful "Hobbit" movies, I think that at some point PJ lost the ability to edit films. Instead of keeping things tight and only putting things that forwarded the plot or genuinely impressed into the final cut, he got sloppy and just kept heaping anything and everything into his films. More fan-service dialogue, more cool shots, more monsters, more slow-mo shots of more monsters, more impossible things done with molten gold, more extraneous subplots, just MORE, until he's literally lost the plot. And if you'd followed his career the way I have, you can see that particular problem starting in the LOTR trilogy and getting worse and worse with subsequent films, and getting completely out of control with the "Hobbit" films.
I wonder if PJ lost the services of a very good editor somewhere along the way.
PS: Oh, and BTW, fabulous film critic Lindsay Ellis did a wonderful three-part documentary analysis of the "Hobbit" films and what went wrong with them, including some huge problems with the movie studios. Here's a link to part 1 - "A Long Expected Autopsy". Parts 2 and 3 are called "The Battle of 5 Studios" (there were five studios involved), and "The Desolation of Warners".
https://www.youtube.com/watch?v=uTRUQ-RKfUs
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