The analysis was flawed from the start, because it falsely assumed you could charge for every kg of capacity, but in reality customers are largely paying by flight, and much of the Falcon 9 capacity is unused.
But even according to their flawed analysis, they assumed there would never be a need for so many flights, and re-use would just eat into their production line productivity, raising the cost of each rocket.
These false assumptions caused them not to pursue any real type of reusabilty. Though they proposed a janky system where the engines would be recovered by parachute and helicopter, they never funded it, and the current Vulcan doesn't support any type of reuse.
Flash forward to today, and ULA has a contract for possibly 83 launches from Amazon for Kuiper.
What a terrible lack of foresight.