I remember reading a PaulG essay[1] that explains why the above scenario happens. Willingness to take big chances might not hurt a small company as it does to a big company. Big companies try to maintain their position in their market rather than take big chances again & lose their position[2].

That essay goes on to say that this creates a chance for startups to make their presence felt, because big companies don't want to take risks anymore.

[1] - I can't find the link right now. Will update this post, when I do

[2] - This is slightly related to Gambler's fallacy https://en.wikipedia.org/wiki/Gambler%27s_fallacy