How long does a diode laser last?

I’d first suggest thoroughly cleaning your lens to make sure the reduced power isn’t the result of a dirty lens. The act of burning releases a lot of gases that can accumulate as a residue on the lens.

If you’re lucky that will return power back to normal. If not, it’s very possible as you say that the diode has degraded to the point where power loss is very noticeable.

I suggest you read this Topic for some additional perspective: