Punk is still trying to figure out what his moveset is now that he's slowing down but still capable of somewhat athletic-looking feats. He's not going to powerbomb Odyssey Jones, he won't be doing a 450 splash. So who is Punk, what does he do? Submissions? Chain wrestling? Brawling? What's the style?
It's not that he's washed, he's just lost right now. On the microphone, he's tapped into the pulse of what fans want in a promo. In the ring, he's completely lost the feel for what fans want and expect from him.