The issue was that DEC lacked the resources to run a completely new microarchitecture design to target low-power platforms, and the failure was trying to push an extreme performance chip into low-power envelope instead of designing a new one.
AFAIK with ARM the difference is that they started with low-power underpowered chip and modified it to bring the performance up.
You'd have probably similar issues trying to make a phone using Fujitsu A64FX (the supercomputer ARM) into low-power chip.