Sure MS leveraged their dominance in the OS world with brutal effectiveness, but Netscape was far from the ideal browser. In fact, Opera was our "Firefox" of the time as it could fit on a floppy disk (I'm dating myself here) and seemed lightweight in comparison to even IE.
Speaking of FF, Firefox was born out of Netscape's overall crappiness/bloated nature. IE didn't start sucking until after the US gov came down hard and MS essentially threw their hands up and abandoned innovation as a result of being pounded in the courts. Firefox re-lit the fire of web innovation (along with the whole web 2.0 movement and post dot com bubble rebuild) and then Google simply out Firefoxed Firefox with Chrome.