That's one scenario. You can actually have sticky, engaged customers at huge scale, and even marginal profitability, while lacking Product-Market Fit. But breaking even/modest profits do not equal success for venture backed firms or mega-corps.

A good example is the voice assistant hardware from Amazon and Google. The speakers are everywhere, basic daily use stats are likely solid, and retail display square footage remains huge. Yet almost no one will pay for the associated subscriptions or other premium services. The hardware was sold at a loss(?) expecting downstream revenue from services that customers simply don't value enough to buy.