Earlier quoted context omitted.
At least for Google, I don’t think you can call what they did with search low hanging fruit. Their solution was anything but, and it was truly innovative (at the time) and their success was well deserved. I do agree that they’re victims of their early success, but rather that it proves that it’s rather difficult to make multiple successful products. When you own a whole ecosystem, like Microsoft and Apple do, it make…
Larry and Sergei decided they are not interested in the business anymore. That's probably why Google has failed to innovate much lately. How great would Tesla or SpaceX be without Elon? Companies without the founders become too cautious and status quo oriented.
This may be part of the problem. Google was founded by algorithm nerds, and that's now part of the DNA of the company. Apple (Tesla/Starlink/etc) was founded upon vision - what could the future look like? How do I make that happen today? - and then, somehow, to pare that back to something that's economically viable in a reasonable time frame.
That said, taking existing problems and trying to better apply algorithms to make a better product is still a thing in AI space though - and even here plenty of start ups are taking the lead.