I'm inclined to agree with either ozone/oxidation or flex fatigue. I had an auto detailing book that suggested once you start applying poly-penetrates to something like a dash you have to keep applying it on more frequent basis. That seemed to be my experience in the mid nineties. To be fair, the book is probably over 20 years old and formulations might have changed. The 303 sounds interesting. Never tried any of these products on my flashlights. I would trust Meguiar's or 303 over Armor All.
303 Protectant vs. Armor All
Any Problems with Armor All Protectant?
Is Armor All Bad?
Back in the old analog recording days, TEAC had a rubber pinch roller cleaner and rejuvenator and it was pretty amazing on pinch rollers. Mixed results on other rubber products. It slowly dissolved some rubber feet on one audio electronics component.
It might be worth keeping retired rubber switch boots around as guinea pigs.