Bought a 2001 ES recently that had a P0421 when I bought it (used the code to bargain on the price since I had a spare).
When I removed the bad one today this is what I came across:

Funny thing is about 25% of the material is missing (I'm guessing if I pull the rest of the exhaust and dump it pieces might fall out of the pipe).
Any idea what causes this? Some of it even looks melted. There are no apparent issues with the engine so I'm guessing something happened in the past that got repaired that ended up killing the cat.
When I removed the bad one today this is what I came across:

Funny thing is about 25% of the material is missing (I'm guessing if I pull the rest of the exhaust and dump it pieces might fall out of the pipe).
Any idea what causes this? Some of it even looks melted. There are no apparent issues with the engine so I'm guessing something happened in the past that got repaired that ended up killing the cat.