what has happened to Boeing?

Being a US defense contractor has its perks.

Boeing moved their hq from Seattle where most manufacturing and the heart of company was located to Chicago

And then they moved it to Virginia.

If you are talking about profits to the wealthy owners, then, yeah.

Here's something to consider. A few years ago the USAF wanted to get some new air tankers for the fleet. They put out a request for quotes based on their required criteria. Boeing put in a proposal, as did Airbus, partnered with another company, I think Lockheed Martin.

After considering the proposals, the air force picked the Airbus proposal. Boeing went screaming to the government about an unfair bidding process and the requirements not being clear. The GAO voided the deal, and the air force put out a new set of criteria for the planes.

Lockheed pulled out of the deal since, in their view, the new criteria clearly favoured the Boeing design. The contract was then given to Boeing.

So, given all that, where is the incentive to Boeing to build better planes? Why hire top notch engineers when what you really need are lawyers? Boeing's new HQ, by the way, is right across the Potomac from Washington, DC.

Yup, the wealthy seemed to have turn Boeing into a cash-cow for the wealthy owners.

As they have with most big companies. Being profitable is not enough... every year you have to be more profitable.