There’s nothing sad about it. A dominant industry destroys its brand and throws away its future through its own missteps. It happens all the time.
There are two extreme cases that come to mind immediately:
Sears. The original "online" order store. The catalog had everything, and was the source of millions of Christmas wish lists. They even had dedicated pickup locations for their mail-orders. All they had to do was build a decent website, and we would have never heard of Amazon. Instead, they are just a chapter in retail history.
Kodak. Once a Dow Jones hero, it ended up a pink sheet zero. They invented the digital camera, and then spiked the product like the NY Times spikes stories about Dems. Hey, don't want to mess with our core product - film. Could have remained the leader of worldwide picture taking, instead, shrunk to the size of a Photomat booth before they disappeared like pictures on undeveloped film exposed to light.
I'm sure others can add many more, but these two stick out as catastrophic business failures.