Well, I DID live through that era and I AM the 'old-man-yelling-at-clouds' ;-) and the main issue was that getting Smalltalk developers was a HUGE headache. I worked for a Telecom company (Canada's largest, rhymes with 'Ortel') and we needed to develop our own courses - yours truly developed and delivered dozens of hours of training.
This lead to some extraordinary per-diem charges that I knew some folks enjoyed for a while, mostly paid for by the Financial industry. Eventually those on the paying side looked for cheaper alternatives .. and yes, the new-kid-on-the-block Java played a big role, but so did Visual Basic!