As far as I can tell, it's not top of the range at all and isn't being claimed to be.
It has a dual coil dynamic driver and a dual balanced armature. Plus the crossover.
In terms of drivers alone, that puts it somewhere in between the Master and the PM6.
The Icarus IV full price is listed presently at £299, and the PM6 at £400 (was £350).
So pricing also suggests this kind of position in the overall range.
Having said all that, whilst I don't necesarily suspect any deliberate foul play, it's only natural that a craftsman continues to improve at his craft.
Experimentation, new ideas, reconsidering previously rejected ideas (JH Audio releasing a largely very well-reviewed hybrid IEM after previously saying they'd never make one) etc.
People and processes evolve. I don't doubt that at the time of development, Hunter (and PM6) were the pinnacle of what Trinity could produce.
But I think the process of developing the Master in response to feedback concerning the PM4, along with the collaboration with Sagaris and the ideas and new directions explored through that, have inevitably led to an evolution in the technology, methodology and audio quality/range that Trinity can produce.
It may well be that the Hunter is still very much the top of the tree.
I've heard a demo Hunter at CanJam, and had another one on loan for about a month now.
I've heard enough to know that it's something quite unique to me and pretty special.
So I wouldn't be surprised if it's still their TOTL. Not certain about the PM6, but hopeful.
However, I think it's highly likely that this year or early next year will see some kind of new IEM from Trinity that incorporates the best of what they've learned and developed thus far and blows all the others out of the water.
Anyway, that's my thoughts, for anyone who cares lol