Although Colt has dropped a number of their revolvers and some of their semi-autos, and have 'enhanced or improved' their basic GI 1911A1, they have encountered quite a bit of very heavy sales competition from other manufacturers and are facing serious quality control issues.
Colt has been in and out of business about 4 times over the past 15 years or so. Politics played its part with Colt the same way politics nearly killed off S&W, but politics and the M-16 rifle are what basically keeps Colt viable these days. Colt is pretty nearly a 'state run' facility and they have suffered serious quality control concerns over the years.
Some folks love their 'enhanced' GI 45s but I'm thinking many others prefer higher end pistols (sights, etc) of demonstrated quality and workmanship at better comparative prices. JMT. Mikey.