It's not 1:1 with the narrative you lay out, but there are tons of parallels with Clay Christensen's Disruption Theory[0] ... basically that a successful business misses a new technology that cannibalizes them from the bottom up and they go into a slow death spiral because of their inability and unwillingness to adapt along the innovative axis.
[0] https://www.christenseninstitute.org/disruptive-innovations/