To Hodgdon's credit, they have done A LOT for the reloading community.
The issue I think EVERYONE keeps missing, is the "who made who" argument.
Hodgdon DOES NOT "produce, make, or manufacture" ANY smokeless powder; not sure that they ever have.
Having the rights to sell someone else's "brand" can leave them in the cold. Take the Winchester deal, they buy the rights to sell the Winchester name. THEN Winchester sells the plant, and no longer produces it themselves. Now Hodgdon gets put as the "second" middleman.