Pebble probably could have limped on for another 5 years but ultimately their fate had been sealed and it was best to sell and leave on a high note than to go in to decline.
Yet there still isn't any a) good looking watches with b) great battery life. There's still room for something Pebble-like.
https://www.garmin.com/en-US/c/sports-fitness/fashion-hybrid...
I agree with the point the article makes: if they'd focused in on their niche (hackers) instead of trying to go mainstream, they could have had a tidy, sustainable little business.
It only counts as limping along if you're going toe to toe with the Apple Watch for global marketshare, but there are other ways to define a successful business.
Some people are willing to be "niche" and some people aren't. A company that produces 100 laptops per month for $100 profit each is not Apple. But that still means there is $10,000 per month left over after all salaries and other expenses. It's not a path to fame and glory, so few are interested. But it could sustain a very small company for a long time outside the world of monpolies and big money.
But if you've figured out how to produce 5 laptops per day, 20 days every month, you're in a strange space. That's not a garage operation. So why not 50 per day? Then the eternal quest for growth leads you back into the world of monopolies and big money.