The proportion of bands able to successfully reinvent themselves is pretty low. The aforementioned King Crimson, for example. Most of the time when artists try to shift styles they lose the magic that once made them great, and then can’t get it back. Some of course will just keep churning out the same thing over and over, and stagnate. But I’ve seen quite a few bands who are so very obviously and self-consciously trying to avoid what they’ve done before that what they then come up with sounds very stilted and artificial as compared to what they did during their heydays.
Since I used that last word, I’ll just mention the band which has been my favorite for most of my life, The Church-I simply can’t listen to their last 5 or so albums anymore because it is painfully obvious that they are assiduously trying to do things differently than they did 20-30 years ago, but they no longer play to their strengths anymore by doing so.