Yeah at this point, it seems that catastrophe struck 90 mins or so into the dive. That is when contact was lost.
They were early enough into the dive that they would have abandoned the dive after losing contact, they would have only been about halfway to the bottom, and they still would need communication to even find the titanic. So if they lost contact, the mission would have been aborted inside the sub, because they wouldn't have any hope of completing the mission without the aid of the surface vessel.
There are several emergency surfacing options available on the sub in addition to the primary propulsion method. If the sub lost contact, it would have surfaced. That is what happened in several other missions this company has made where communication was lost.
So the fact that communication was lost and no attempt to surface was made, suggests that there was a catastrophic failure. At the pressure they were at, the smallest leak would lead to immediate implosion. The most likely scenario is that they experienced a crack or defect in the hull that lead to implosion. It was likely over before anyone onboard even was aware of a problem (or within seconds of it).