Mine, not shimano but sunringle has just done the same thing and a quick 30mins strip down uncovered how much dirt had ingressed into the feehub. I cleaned it up and now it is back to normal. Hopefully this gives you some hope as to it being a relatively easy fix.
The symptoms I felt/heard were:
– Not as loud as it used to be ( although this can be hard to notice as it is a gradual process and weather e.g. wind can make you think it is still as loud just the wind is noisier.
– Pick up wasn’t as fast as it once was.
– A slightly hollow sound coming from the rear end when climbing on lovely flat paths. It sounded like a hollow shell which had a bit of play in it. I thought this was a tyre but I believe it was actually something to do with the free hub as my wheel bearings are OK.
Park Tools provide a very comprehensive guide on their website!