I'm no Lane #1 expert, but.....................
Many people who loved and used them were from the era when Lane #1 was a Brunswick poured product using Brunswick covers.
When that came to an end, Lane #1 went over to Columbia300 covers. The nature of the ball reaction seemed to change, and some didn't like them as well as before, so they went elsewhere.
Then, Lane #1 came out with some balls that just didn't seem to hit the mark. Shortly after that period, Columbia300 got bought out by Ebonite, and the Lane #1 relation with Columbia300 came to an end.
Looking to another ball manufacturer, Lane #1 ended up being poured by 900Global in the old Columbia300 plant in San Antonio, Tx. But, as luck would have it, 900Global started having some cover issues right about then, and got a reputation for their covers cracking.
Lots of people did not want to pay a premium price for a Lane #1 ball being poured by a company using the same covers on their stuff that was priced about 1/2 as much as the Lane #1 stuff. Afterall, why pay $275 for a ball with about the same cover as a different ball you could get for $150?
Lane #1 lost a lot of their market share in all of this I think. The last ball they came out with, they priced at $309, and I'm pretty sure that did exactly ZERO to help them get any marketshare back.