1. On the face of it, their main products in 2020 (i.e. action cameras) are barely innovative, and seem to have nothing to attract and lock customers in other than brand recognition built on expensive marketing campaigns. Essentially, they're selling commodity equipment at a large mark-up. Why haven't they been totally displaced by a manufacturer with a cheaper clone, also offering a good enough brand and ecosystem to compete?
2. Where they have innovated, they've hugely missed the target. In particular, their drone release was just an awful, awful misjudgement. Not just because it fell out of the sky. Not just because it came out at the same time as a superior competitor from DJI. But because it totally missed that GoPro is/was seen as a provider of action cameras - things that can be started and then forgotten about as they record your activities. They released a fairly generic drone, which required constant operator interaction. Had they released a drone with a tether, which could be started and then forgotten about as you ride your MTB, or your snowboard, they'd have likely had a hit, aligned with their brand identity (assuming it didn't drop out of the sky).