Not surprising, it's a commoditized sector.

On top of that, when GoPro first launched mobile phones generally did not have cameras capable of producing production-quality images, and especially video. 20 years later, the game is much different.

Remember the Flip video camera that was all the rage for like 2 years and then just disappeared when cellphones could shoot video? GoPro is like a rugged Flip, so it took a little longer for the world to catch up to them, but now there are lots of options, and a "cheap" sports camera that is 1/4 the price of a GoPro is good enough, even if it only lasts 1/2 as long.