Yes and probably more often than you think but it can quite difficult to diagnose from a top down perspective. It usually materializes in costs becoming too great but the underlying cause frequently is a rushed product that eventually costs too much to iterate on because of sloppy underpinnings. Its a delicate balance - you've got to get stuff out quick enough but also stable enough to make sure the next iterations wont become exponentially longer and more costly.

Outsourcing, high turnover, constantly changing requirements with unreasonable schedules all can lead to codebases that become too expensive to iterate on when the market demands more. Sometimes the only way out is to approach a complete rewrite which is usually a risky proposition.

Many times poorly coded products from the outside can have correlated symptoms of poor performance, bugginess, and slow feature development which are the cited reasons users may abandon the product.