There are clear advantages and disadvantages to that approach, but assuming this is the correct choice ( seems plausible, but I am not automatically convinced ), is that the actual reason for being as behind as they are?

I would argue that is not the case. I won't re-list some of the reasons other posters mentioned, which, based on past year, appear more likely ( decisions hamstrung by corporate committees, data governance bureaucracy, and last, but not least, ideology focus ). Leadership that is actually focused on 'delivering value to the shareholder' or not being worried about first mover advantage seems only a part of it.

edit: added first mover wording