I think TMHughes is correct, the amount of money being made on HubPages is not what it used to be before the Google Panda and Penguin updates. It's really a shame because those updates were put in place to elminate low quality content from the Google search results, and very few Hubs fall into this category.
I joined HubPages shortly after the 2011 heyday, and heard a lot of stories in the beginning about people making $100s per month here, but those stories aren't being told much these days. It would be nice to get an update on how some of these financial success story Hubbers are doing and adapting these days. Perhaps some have left HubPages?