As far as I can tell, no one seems to think much of value was lost.
Morality is not there to be useful, right or wrong in moral sense are normative categories not utilitarian ones.
But what you possibly may mean is really AI ethics self-regulation by large tech corporation does not work. (If that was your intended statement, I'd agree.)
The only real question is if anyone deems them worth listening to.
Their problem domain is pretty niche and they're pretty technical on it so I don't doubt their traction is mostly academics.