I'd be curious if they simply couldn't compete, and they recognized that. Ie, their competition is heavily Google, Microsoft, Amazon, etc which offer competing products as part of their suite. Yet, Google/etc doesn't really care about file sharing/storage. It's just one component in a much larger model.
I'd be curious if, due to cloud prices/etc, Dropbox didn't feel they could actually sustain a competitive price and become profitable. So they're trying to expand to other avenues and find something that works.
Who provides dropboxes actual storage? That provider could just keep squeezing dropbox until the provider creates a copy of dropbox or has them bent over just to the point of them switching to another provider. Maybe dropbox should have been building their own data centers in the mean time, cutting their overhead. That idea of restraining growth in favor of long term stability probably wouldn't sit so well with the shareholders who want their pie tomorrow.
They do have their own storage infrastructure now. It's just a very low margin business and newer entrants like Wasabi are constantly pushing the edge in raw pricing.
It's a lack of focus on increasing sales throughput. They should have looked to resolve bottlenecks between when a lead first hits their website and when a sale is finalised.
There's always something along that process that is poor and holding back the rest of the process. An increase in throughput = increased sales.
You don't think their funnel is optimized already? The truth is that Google and Microsoft have the mind shares and products that integrate well with their respective eco systems already. Google Drive and OneDrive just work and are highly affordable already.
I'd be curious if, due to cloud prices/etc, Dropbox didn't feel they could actually sustain a competitive price and become profitable. So they're trying to expand to other avenues and find something that works.