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Yep, and Apple Ping, Apple Touchbar, Butterfly keyboard and Trashcan Mac were thought to be smart ideas.

Most dumb sounding corporate ideas are Apple Ping, not iPhone.

This really is a thing people need to understand. The quip comes out from some new startup “everyone thought [success story] was dumb as well”, and portray that as a badge of guaranteed success rather than going “why are they wrong this time, generally they are not”.
It's still a dumb, greedy idea unless your primary goal is acquiring capital. I bought an old iPad to upcycle and getting apps on it has been so much harder than it has any right to be.
It was such a dumb idea that many folks decided to trade their capital for it, including you.
I literally got it for someone with dementia lmao.
Ah, another one of those business self-help articles that gives you recycled insight.