This is a myth. Instant Pot was purchased by private equity parasites when it first became popular, and they quickly extracted all value and destroyed the company when they saw it wouldn't keep growing exponentially forever.

It's possible the company would have failed on its own, but we'll never know, and it wouldn't be because their product was too good. If that were the case then all the recommended alternatives in the Worse on Purpose article would also be out of business. This company looks pretty comparable, and has been making basically one thing very well for 100 years: https://www.allamerican1930.com/pages/about. How often do people need to buy a new high quality pressure canner? They seem to be making it work despite durable products in a relatively niche market.