If you look beyond the somewhat tone deaf leadership, the somewhat stale business model of social media, etc. Meta doesn't actually have a whole lot to bring to the table. They probably managed to hire/keep some AI talent with the help of large salaries. But they are knee deep into having made big figure commitments to data center capacity with nothing to show for it yet. Their AI effort is increasingly looking like a repeat of their failed metaverse strategy. A lot of expensive bets that are not paying off.
It all boils down to Mark Zuckerberg not being the visionary and innovator he thinks he is. Like many billionaires he confuses him lucking out in his twenties with some magical leadership qualities or brain capacity he has. And the reality of course is that he lucked into building a nice social networking thingy not hindered by too much technical skill or deep scientific knowledge. Granted, he did that well. But that's 20 years ago. And then he added to that with some strategic acquisitions of stuff that others did (Whatsapp, Instagram, etc) that you might label as spectacularly good acquisitions for Meta.
But he's not going to reinvent AI. He's way out of his depth there. A bit of a technical lightweight without much academic credentials or much of a vision. His "vision" here is copying what the Chinese and others are already doing well. What's lacking is a vision as to how his version of that is going to be any better and win over all those users. Or indeed a vision as to what people are going to do with all this AI. Apparently there is no vision for that in the context of Meta's own products. This is a company going through the motions of being an AI company without any vision whatsoever as to why they are doing that other than a fear of missing out.