Sure. Why didn't we have electric cars before tesla? Why didn't Boeing or Lockheed Martin make reusable rockets?
Alan Kay said something[1] recently that has been bouncing around my head for the past few days. He said that many people think darwinian processes (like the economy) optimize. "One my degrees is in molecular biology, and I can tell you, any biologist would say they're absolutely not optimized. The whole point is to fit into some niche in an environment. And if the environment isn't the right kind of environment evolution isn't going to give you something interesting".
In the context of the economy, if there's no innovation, and not enough competition, and no new players entering a market, I don't think its all that surprising that the existing companies might stop reaching to be more efficient.
It seems strange to think that companies would leave money on the table, but in older industries I think this is exactly what happens. The money just requires too much organizational churn for their corporate appetite.