And more importantly, the entire premise when Square launched was that app-based "cloud" PoS systems would replace all traditional cash registers. Except now 15 years later that simply hasn't happened. Existing players in the space all caught up and shipped chip and NFC readers to their retailers, and that's all that was needed.
I run large public markets, the vendors are still almost entirely square just as they were ten years ago.
They have failed to make inroads into larger businesses like chains and stores, but that was never their customer to begin with.
Their lead absolutely has shrunk. In the mid-late 2010s it was either Square, or a bevy of shovelware Windows POS systems loosely stitched together with a tablet for rewards and maybe grubhub. Clover and Toast are both regular sights in that space now.
It has though, by a lot. Toast in particular has eaten Square's lunch in the restaurant industry and now they're expanding to retail. Even NCR has caught up, along with a long tail of newer competitors eating away at market share.
There was a window of time where Square was the default choice for small biz POS and that is most definitely not the case anymore.