1. I think the underlying problem has been the lack of innovation from GoPro. I find that while the number of cameras in our daily life has increased, the use-case for something like a GoPro is marginal at best. Apple and other vendors have done an excellent job of improving camera technology on the iphone11 that today, I no longer carry a GoPro or even an SLR camera on holidays.
2. Another amazing shenanigan from GoPro was their accessories business. When I got my only go-pro in 2014, it required me to spend another $200-300 on some really basic accessories like an LCD screen. It just felt like the company added barriers that stopped you from actually using the product.
2a. Minor nitpick - Their packaging in 2015 was a piece of work. It took me forever to get it unpacked and even get hold of the device.
3. Mgmt focus - I live in San Mateo and the stink of constant GoPro layoffs made it an undesirable company to even consider working for. The people I knew that worked there all quickly bailed and went to work for Google or Apple. It also didn't help that I only remembered about my GoPro when I saw Mr Woodman show-up on Shark-Tank. I just felt he didn't focus on a struggling company and wanted to find other things to do.
They're priced way out of the budget of idle curiosity for me though. Sure 500 dollars isn't a lot for a camera, but it's way out of the range for something I"m going to goof around with.
Hey, I have that adventurous, outdoorsy life life! Wanna send that GoPro over? I'll make sure it's properly utilized ;)
In addition to many of the things noted here (looks slow as hell due to wide-angle lens and the fact that you are, also, slow as hell)... the video editing is just a nightmare.
It's easy to capture a couple hours of footage of your hobby, but unless you ALSO have the hobby of WATCHING a couple hours of something you already did, the value is just not there.
I've watched almost none of the videos I've shot. Also, I'm still able to use my ancient Hero2. I thought of buying a newer model to get the "latest and greatest" as an impulse buy once; I can afford it, that's fine. I looked up a product matrix of the Session, Hero 5, Hero 6, black, silver, whatever products were available at the time. I just stared at the product matrix for awhile, gave up, and closed the browser window.
Honestly, if their product line had less overlap or fewer products or just.. made it easier to decide camera to buy, they'd have another $400 of my money.
shrug
They keep improving their products, but there are no real innovations or killer reasons to buy some new model. And they all basically work good enough.
Drones and helmet cams actually seem like they have pretty niche applications when an iPhone will do great for 95% of people, 95% of the time. The need for that particular lens and shot just isn't usually called for in whatever you're trying to create.
The 120 degree FOV makes it seem like they're sprinting while the 40 degree FOV looks like a slow walk in comparison. Also pay attention to the little box the person walks past halfway through the below video. Imagine you're skateboarding and that is a parked car. The difference in speed and perceived danger is huge.
I think you are on to something with the amount of stimulus though. I ride a One Wheel which... has one wheel, and the nearer I get to top speed the less speed it has to balance me.
The sensation is different. The wind is blowing harder on my face, I have to scan and process each ridge and change in the road, my balance is different, is that car opening it's door? is it going to turn, that drain cover is bad need to lean to avoid it, car behind me can't go left, does my front foot have too much force, intersection coming up slow down, speed up no cars, turn signal are they going to cut my lane... etc.
Meanwhile if I'm sitting in a car, well... 20mph is nothing, I'd barely notice it. The wind sensation is gone, I'll go straight if I don't touch anything, people respect my area since I weigh 2000 plus pounds.
The perspective is different, the level of sensation is different. It's similar how a go kart feels a lot different then a car in regards to speed despite the fact both are four wheeled motorized vehicles.
Who cares about the random video you took down a mountain, it's fun in the moment and no one can take that away from you. To an external observer though, why should that be interesting?
The lack of speed is one thing, the lack of context is another. They don't know about the ice patch you're watching out for, the sensation you get when you hit the powder just right, or even that you are going 10% faster then normal (sorry I'm a blue square skier and don't really know what goes through the head of people who are actually good).
I bought a GoPro several years back as well, after using it on one of my camping trips and a trip to a water park with the kids, I realized I don't really have the kind of adventurous, outdoorsy life I was aspiring to. The GoPro sits in a drawer.
You actually have to be pursuing activities that you think are worth capturing on a GoPro or a drone, and then you have to have an interest in capturing/editing those pursuits.
Longer term, there is a legitimate niche for their products. It is the intersection of people interested (personally or professionally) in photography/videography who have adventurous/outdoorsy pursuits and hobbies. Whether that niche is large enough to support a company of their size (and their competitors) is still an open question.