A brief summary of each one, in descending order of offense.
CDPR:
Honestly, I like their games. The Witcher series was never known for its gameplay, but it does have sufficiently interesting dialogue. Cyberpunk was a disaster on consoles, but hey, I play on PC, and the game is currently in a good state. The direction of the company’s future games is debatable, but so far, I honestly don’t see much reason to despise them. I haven’t regretted playing any of their games up to now.
Larian:
I know Codex loves to hate Larian, and I understand the reasons to some extent. Larian’s games are like big sandboxes for you to play in, with some questionable mechanics and a hit-or-miss humor style. That said, it hits the mark for me. I haven’t played much of BG3 yet to give a solid opinion. They also had some stumbles here and there, like Beyond Divinity, but overall, it’s a company I can still look at with some level of optimism.
Owlcat:
Both Pathfinder games are perfectly acceptable. Not great, but not terrible either. Finally being able to play a party-based RPG with a tabletop RPG system and character creation freedom is pretty interesting, even if the games end up overwhelming you with redundant and tedious content to the point where, by the end, you’re no longer as invested. I haven’t played Warhammer: Rogue Trader, so I can’t confirm if they’re in decline, but I’d say they’re middle-tier on this list: sufficiently interesting games, albeit with their own issues.
InXile:
InXile embodies the concept of mediocrity. When they’re doing well, they can create games that are perfectly in the “eh, it’s okay, I guess” range. Good enough to play if you have nothing better to do, bad enough that you don’t even care to criticize them because it’s not fun enough to bother. When they fail, they make games like The Bard’s Tale IV, which you don’t even remember exist until someone brings them up. (Before I mentioned it, did you remember this game?) I’d say they’re at the low point on the list, but there’s still far worse out there.
Obsidian:
As many have already mentioned, Obsidian is the champion of making sequels to games that other people created. Sometimes literally, sometimes spiritually, but almost always in a mediocre way. To be honest, I don’t think PoE is as bad as many on Codex claim it to be, and Outer Worlds is undoubtedly a worse New Vegas in every aspect, but from this list, they are the first company that I truly see a consistent decline in most of their releases. I didn’t expect much from Avowed, but it still managed to fall short of all my expectations. I don’t see much of a future for them, but given that they’re a small player in the broader RPG scene, they’re not the most offensive case.
Bethesda:
Making worse games for as long as I can remember. Honestly, I’ve never been a Bethesda fan. I remember playing Arena and Daggerfall, but they didn’t leave a strong impression on me. My first big conscious and direct experience with them was with Oblivion with Guns and the entire (predictable, yet still regrettable) catastrophe involving Fallout 3. I must acknowledge that I managed to get some hours of fun out of Fallout 4 and Skyrim, but more due to mods than the games themselves. Bethesda has essentially been releasing big, disguised engines for years and leaving it up to the community to complete their games. However, their games have been getting progressively worse and have finally reached the point where not even modders want to spend their time and energy on them. It’s a pitiful state, and short of some improbable positive intervention from Microsoft, I wouldn’t be surprised if the studio ended up shutting down in the coming years.
Bioware:
For me, as others have already mentioned, Bioware rightfully earns the trophy for the worst Western RPG company. Bioware’s decline has been consistently growing for decades, with some positively surprising exceptions like DAO. But ever since Mass Effect 3 with its hilariously terrible ending, Bioware has managed to make one worse game after another, Inquisition being an MMO disguised as a WRPG, Andromeda generating memes and jokes for years, Anthem being Bioware’s biggest failure (so far), and Veilguard trying really hard to be the next Concord. Bioware certainly deserves the trophy for worst company on this list for its entire trajectory, going from classics like BG1/2 that still top almost every best CRPG list to whatever these recent abominations they’re trying to launch are. And the saddest part is how much they have influenced and continue to influence the entire industry.