Low driver voltage, or failing LED? Only getting 2.55v on high

Bought one of [these](https://i.ebayimg.com/images/g/TMcAAOSwPCVX2Uo-/s-l500.jpg) cheap eBay lights about 4-5 years ago. Was always happy with the light output, and the light in general. It suddenly became very dim, barely making a spot on the wall in the focused-point mode.

Runs on 2x 18650s and they are fully charged. Solder points on the emitter PCB only have 2.5v, 2.4v, and 2.3v in high/medium/low modes. I'm suspecting this should be in the the mid 3v range?

I can jump it over at the tail-cap with the 8.x volts and the light is still very dim. I guess that eliminates the cap and points to a driver problem?

If the emitter could have been getting weak, I was just gonna replace it with something better, but it looks like it might be a driver problem.

Thanks for any advice!

EDIT: Uploading better pics...

[Driver](https://i.imgur.com/PrAX5Rz.jpg)

[Emitter](https://i.imgur.com/n8M5DC5.jpg)

EDIT 2: I took the emitter from this one, and hooked it up to my little "mini cree q5" and it's significantly brighter. It's 1 mode, so I guess no PWM? Voltage is 2.7 at the solder points on that one.

Left is original driver, right is "mini cree". Manual mode on camera, same settings for both pics.

[Imgur](https://i.imgur.com/RN96OLv.jpg)

This seems to point towards driver, right?