What are some examples of companies that hinged on machine learning?
DATA is crucial, but that's very different than "sophistiated machine learning models". For example, do Uber and Lyft need machine learning?
As far as I can tell, they need data about drivers, users, ride completion, maps, and a lot of people doing simple statistics on that data and improving the product. Machine learning might give them a few percentage points in some specific subsystem, but it isn't going to make or break the product as a whole. It's not "table stakes".
Pick another industry and do the same thought experiment. What are some other breakout companies? Did snapchat succeed (in its day) because of machine learning? What about AirBNB? I think they are optimizing the product with "data science", not machine learning. Certainly not deep learning.
Machine learning finally came of age in the 2010s and is now table stakes for every tech company, large and small. Accumulating a data asset around your product and service and using sophisticated machine learning models to personalize and improve your product is not a nice to have.