Not evolving vs the next generation of fighters?
Dude his last 2 performances were terrible against failed middleweights yes. But I struggle to call a 36 year old Thiago Santos the next generation, or Anthony Smith the next generation, he's a year younger than jones but has 46 fights, he's ancient in fight years.
I'd say lack of motivation, boredom, and even living a tamer life all have done damage to Jone's old ruthless/dominant style. At 32 there's nothing stopping him from being a dominant force for another 2-3 years without competition aside from the boredom of having 0 interesting contenders. If he trained for and fights as carefree as he did his last 2 fights he probably does lose to Reyes, it's hard to stay motivated for so many years against fighters who you could care less about. Or maybe he's cocky and thinks he should just out kickbox Reyes to see if he can.
As far as evolution goes, the top group of LHW have a long way to go to catch up with the grappling/subs/distance/striking combo that Jones puts together.