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Yes and no. They also dragged their feet on high-throughput Ka-band spacecraft with smaller spot beams. ViaSat built and launched ViaSat-1 while SES was still ordering satellites designed around analog video broadcast.

In the terrestrial real-estate analogy, this seems to me like missing out on potential returns because you built the wrong type of building on the land you own.

If space-based telecom moves from GEO to LEO, then there’s no reason for GEO telecoms to exist anymore.

Satellite TV is probably not going away anytime soon.

Dish and DirecTV are rapidly bleeding customers, the latter is not planning to launch any new birds for this dying business. It might only be a decade before this industry consolidates further into the remaining satellites, with some large providers going extinct entirely.

The real estate would still be worth quite a bit, so even in the worst case they will just move on to be literal real estate holding companies.

That just saying that 'in this massive growth market, we are totally ok with losing the waste majority of market share until we are mostly irrelevant'.