I beg to differ there. ;) I work on Skylight (https://www.skylight.io) which is definitely doing some interesting stuff in the APM space.
By focusing on just Rails, we are able to provide features that other services that try to be a jack-of-all-trades frequently miss. For example, we just rolled out a feature that helps you monitor memory usage in production with extremely low overhead[1], which I don't think is something any of our competitors offer.
But yeah, definitely agree that New Relic has been a market leader here. They've validated that people are willing to spend real money on improving performance, something that wasn't obvious just a few years ago.