* "Visual .NET" (aka "Visual Fred" http://catb.org/jargon/html/V/Visual-Fred.html ) was released by Microsoft. This was an incompatible language confusingly also called Visual Basic. I don't think Microsoft realized how angry this made developers and businesses, who were being asked to spend hundreds of billions of dollars (USD) to rewrite code just to keep the same functionality. Before that time, many thought that Visual Basic's wide use gave it a kind of "herd immunity". I don't have numbers with me, but I remember that years later that a study found that some were sticking to the original Visual Basic (even though it was no longer supported), a few had moved to Visual .NET, and many other had abandoned Visual Basic entirely (some to C#, others beyond). In short, the Visual Basic community was split into multiple communities, and anyone using Visual Basic would have to worry about either lack of support or yet another harmful change.
* The rise of the web and of platforms other than Windows (including Android, iOS, MacOS, Linux). Visual Basic is fine when you send files via sneakernet to another Windows user. Now people want to access through their web browser, smartphone, etc. If you have a website, anything can access it (as long as they have the permissions), and you don't have to worry about synchronizing data changes the way you do if people make changes on their local device. Most of the simple "fill in a form" kinds of applications that Visual Basic was used for are more sensibly web applications (server side or client side).
Visual Basic is still used. And yes, I think there could be better tools for developing software. But as best as I recall, that's how we ended up here.