There are a myriad of companies that have thrived in "IP locked" environments, a host that have failed too. Equally there are heaps that have thrived and failed in "IP open" environments.

I think at best you could say it's more challenging or perhaps risky being a bit restricted with IP, but I'd call it miles away from a "graveyard".

You can hardly call Intel/amd/qualcomm etc all struggling due to the architectures being locked down.

Look at powerpc/Isa. It's (entirely?) open and hasn't really done any better than x86.

Fundamentally you're going to be tied to backwards compatibility to some extent. You're limited to evolution, not revolution. And I don't think x86 had failed to evolve? (eg avx10 is very new)