We’re not at the bottom yet. It may blow your mind but the Titleist T400 PW is 38*.
I think we need to start evaluating lofts and numbers on irons a little differently. 38* may be traditionally closer to the loft of a 7 or 8 irons but when the PW is 38*, you’re getting a shorter club for better control and lower loft for more distance. It’s a trade-off. The benefit to some golfers of hitting lower spinning and likely lower launching shots may exceed the loss of control from a longer club. There are some other factors in play but largely speaking, when lofts get dramatically lower, it generally just means they are making a set with shorter shafts. That’s why the T400 5 iron is only 20* and there is no 3 or 4 iron. Basically when you compare a T100 to the T400, the shafts are 0.75″ to 1″ shorter for the same loft. There will also be a compensating change in lie angle as well. The end result is likely better control over lower lofts at the expense of some stopping power on the greens. That trade off is worth it to many.