edit: On a second thought, as a dev now, I look at React, Angular, all these mega frameworks... and wonder if we're just patching over problems big tech baked into the modern web. First point still stands tho.
That was the final blow, yup. But the web was still a clunky mess of plugins, broken standards, and browser-specific hacks.
Google pushed to make the web better. And through Chrome they helped bring WebKit to multiplatform: I still remember I couldn't even get rounded edges or nice typography support across platforms, only in Safari.
It wasn’t until Chrome took off that the rest started paying attention.
[1] https://www.engadget.com/2008-10-26-netflix-finally-brings-w... [2] https://netflixtechblog.com/html5-video-at-netflix-721d1f143...
Also the ActiveX security model was pretty horrific.
But now, we're stagnating again. So maybe drying up those funds will be part of the cure.
Yes, it definitely took the big slap from Apple to kill Flash once and for all.