It's because check-ins don't work. After the novelty wears off, nobody wants to check in. Nobody. Like those stupid plastic awareness bracelets, check-ins were a fad that flared briefly and is now completely, 100% over.
So if you're a company whose entire product identity was based on check-ins, you have two choices:
1) Come up with something, anything else that can be plausibly jammed into your app, and run with that; or
2) Go out of business.
Unsurprisingly they went with #1, even if from the perspective of retaining some shred of dignity #2 would have been the better choice.