No. The full article does not make sense. As an example, I have never seen, in my 23 years of professional software development experience, overconfidence be a reason for a project's failure.
Good point. I've seen something similar to it, but it was a failure of the management, not developers. The management says "we painted ourselves into a corner and now we need to replace this legacy system with a modern implementation. It shouldn't take more a couple of years". The rewrite took almost 10 years to complete. If anything, the part that I would call as developers' failure was the inability to push back with realistic timelines.
I've seen it play out differently, with developers (especially seniors) pushing for their favourite tech. "We're gonna make the new system event based with Kafka", etc.