I first encountered Krispy Kreme donuts in South Carolina, during basic training for the Army. Probably a gross of assorted dozens were supplied for breakfast every day. (Whether you were actually allowed to eat a donut at breakfast varied from training company to training company.)
Those donuts seemed amazing, fully living up to the hype. To this day, I can't tell you if it was because all calories seem amazing when you're in basic training, or some other reason. I didn't see Krispy Kreme again for several years, on the west coast. These donuts weren't anything like I remembered. They were smaller, blander, crappier in every respect. I don't know if misremembered the quality of the earlier donuts, of if the recipes changed, or what.
But my experience is that Krispy Kreme was great once, and is crap now.