GoPro was outcompeted on the market. Simple as that.
They were made irrelevant by Insta360 and DJI, both with legitimately better products.
In my view, the only entity to blame for that is GoPro. And I believe that the shortfall was not only in matters of technology. My limited interactions with them painted a picture of an organisation with some super clever people, but paralysed by slow bureaucracy and high risk aversion.
By contrast, Insta360 was much more aggressive and enterprising, while DJI just did what DJI does: build amazing products.
Trying to blame this on some arcane Chinese plot to destroy the West is just a weak attempt to cope with reality: in China today there is simply much higher number of hard working, highly intelligent, highly educated people that are hungry for success then there are in the West.
One thing we forget is that the two great Chinese companies in this space (Insta and DJI) had first to compete against hundreds (thousands?) of other Chinese camera companies before they could come out on the top and compete globally.
They are not a product of a CCP plot. They are a result of a ruthlessly competitive and capable local ecosystem, itself a result of decades of consistent industrial and innovation policy.
Nothing is stopping us in the EU and US to do the same.