It sorta did, but pulled back. DaVinci tried selling printers that had chips in the filament spools and used the same razer blade business model as low end inkjets. Anet also sold printers that cut too many corners and they often caught fire.

Then Creality made the Ender 3. I unironically think it's a brilliant design. It cuts corners just enough to be cheap, but not so much that it's useless garbage. They had two issues early on: lack of thermal runaway protection in the firmware, and a bad connector to the power supply. Both were fixable by end users, and both have long been fixed in shipping models.

At the same time, companies like Prusa refused to join in that race to the bottom. Good for them. If you're an established player like that and already have a reputation for quality, never get involved in a race to the bottom. That's how you become what HP is now.