Not really. Their thesis disintegrated way before this. Their thesis was that that even in a market with weak network effects, customer acquisition costs are hi

Not really. Their thesis disintegrated way before this. Their thesis was that that even in a market with weak network effects, customer acquisition costs are high enough that you can spend your way into such a dominant mindshare that you end up with monopolistic or oligopolistic returns. The thesis is basically trashed at this point. The upfront costs are too high and the mindshare dominance is too fragile.