Hierarchy - a single ontology - is one of the problems with OO. Ontologies - note the plural - are useful, but choosing just one ontology privileges some axis of abstraction over others, but there are different lenses you can put on things that may make you want to classify by different criteria.
For example, you might have a bunch of things, some of which: (a) can be rendered in some display - could be console, HTML, print output, screen, don't care; (b) can be serialized to a variety of media; (c) have some common configuration, that interacts with some configuration management system; etc.
If you try and shoe-horn these commonalities into a hierarchy, you end up with classes that advertise being able to do too much and need to have "not implemented" error conditions, breaking the Liskov substitution principle.
Interfaces are a way of breaking out. They're additive, rather than hierarchical, from the implementing class perspective.
The other big problem (a bigger problem IMO) with inheritance is coupling. I don't think there's any closer coupling between two pieces of code in an OOP system than inheritance. Changes in a base class can radically alter behaviour in all descendants. Depending on the implementation of overriding, descendant behaviour can be accidentally hijacked with no compile time or run time warning merely by updating a dependency. The API by which base class and descendant class interact is bidirectional, with the flavours of both library (you call them) and framework (we'll call you), and intermediate internal state when e.g. overridden protected methods are being called is usually sorely undocumented and liable to change.