... Depends on where we are looking at in the real-world episode production timeframe.

TNG did still resort to 'caricatures as a default', If we are to be a tiny bit bold and look closer at DS9 and how, if you look at a lot of the other stuff outside 'Far Beyond The Stars'.

What you find is that DS9 is very much about people facing pressure from their culture or background and over time learning there's a better way to do things. So many major and minor characters change over the course and part of it is seeing how hard it is and what it takes for each of them to change. I do think they 'over-used' the Ferengi for this but I get they were trying to target a general level of audience.

IMO it really was a hopeful attempt to recognize cultural versus racial problems. You can't just do a single speech and never visit the hat planet again; you are next to one of the hat planets and instead get a deeper look into their world.

.....

DS9 did over-emphasize the Ferengi change arcs, and while the end fits with other 'themes' (i.e. Bell Riots) it like most other hat changes didn't have huge implications till after what we the viewer would see.

But also I kinda get that whole thing. At the end of the day the Ferengi (whether originally intended or not) became something meant to symbolize extreme laissez-faire capitalism with perhaps a pinch of twisted reversal of other cultures/religions[1] because yeah I'm gonna blame that bit on whoever was in charge or TNG at the time (Was it Rick Berman?)

[0] - To be clear I mean for the sake of this topic; those episodes themselves with the original ending to DS9 frankly capture a lot of the 'hope' that was trying to be conveyed in the face of all the strife...

[1] - The most easy way to lampshade 'required clothing' is to instead do 'required non-clothing'