This is a great point, but I'd add that the problem isn't experimentation. Neither is it having a lot of ideas. It's that they aren't using good experiments to kill off most of the ideas.

I think of it in terms of divergence and convergence. Divergent thinking is great. If you think of an army on the march, leaders will be thinking about possible paths and sending out scouts. But when the scouts (experiments) come back with reports (results) they don't just send some soldiers along every path that looks promising. They winnow the options down, converging their thinking.

Bad leaders don't have the discipline for that. And I think a lot of them pick up that habit from sales and/or seeking investment. "What will it do? What won't it do!" That's great for manipulating the feelings of the person you're currently talking to so they'll sign the deal. But it's terrible for running an effective, focused product development organization.

I know I've seen companies die like that. And it's probably way more than we know, because as WhatsApp demonstrates, focusing hard on what's working is a great way to succeed well enough that people study and talk about you later.