The carbon fiber hull has a limited cycle life. It's designed for a single-digits number of dives, and it becomes weaker on each cycle.
Based on what I've seen, it doesn't sound like OceanGate had decided on a fixed number of dives. Instead they were planning to continually monitor it (x-ray scans after every dive and real-time acoustic monitoring during the dive) with the assumption that they would get some warning before it failed.
Material science is hard, especially on a budget. This is definitely daredevil territory.