They've probably wised up to the idea that they make a lot more off a fully priced Kobo than a half priced refurb. Plus, they probably have enough name recognition for people to want a newer model Kobo now rather than buying whatever they can get as a refurb. It probably makes sense to keep the clean refurbs to use as in-warranty replacements.
That said, I have nothing against good refurbs. As has been said above, a good refurb may be better than a "New" production model. At least the refurb has been tested, most new devices are untested as QC only pulls one in a thousand or ten thousand, etc., as may be the case volume-wise.
Over the years I've bought everything from refurbished laptops to a refurbished wire welder, never been stuck, not even once.
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