It's a really well designed piece of hardware, with actually innovative features that have done a great job separating itself from the existing stalwarts making boring, me-too cars that happen to be electric. If they can manage to bring that innovation down to a sub-$60k offering, they'll be able to pick off sales from cars like the Mustang Mach E that nobody seems to love but is in high demand, presumably due to its low price for those looking for a cheaper way to get away from combustion without spending a fortune.
They were also new enough to the market that they were able to draw a lot of excitement from investors before everybody else started competing tho, so your point is definitely fair, and it's probably become more of a gamble than originally anticipated.