I don't think there's been any major power creep with the Hobbit releases, quite the opposite if anything. There was severe power creep with stuff released between the One Rulebook and The LOTR sourcebooks (2006-2012) with things like Watchers of Karna, Abrakan Guard, Sons of Eorl, Warg Marauders etc. but the Hobbit stuff is either very nicely balanced or over-costed IMO.
Thrain, Thror, Bard, Azog, Bolg, Gwaihir, Gloin and the Master are just a few heroes off the top of my head who are clearly overcosted by 10-40 points in comparison to similar LOTR profiles.
Grimhammers are commonly thought of as poor in comparison to Khazad Guard, Palace Guard are 2 points too expensive, the Mirkwood Spiders are just AWFUL and despite everyone thinking Mirkwood Rangers would break the game on release, experience has shown that they're actually a very well costed profile that is equally powerful and vulnerable.
There's certainly some bargains in there, Dwalin's incredible for his pints, Thorin's a brilliant and cost effective leader for any points value and Tauriel's a great profile that can be very effective but also has several weaknesses.
All in all I think the Hobbit releases have been great, really enhancing and mixing up the meta without breaking the game.
As for Isildur being underpowered, ha! Clearly you've never been charged by him on a horse wearing the ring!
I know who my money would be on in a Thorin v Isildur duel!
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