My experience is that it's the opposite: the more successful the company is, the more prone it is to flights of executive whimsy. At more successful companies, it basically doesn't matter what the executives do, because the company's moat is so big that it can tolerate grotesque mismanagement and still make money. (This is the converse of the old aphorism "When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact."). Executives seem extremely uncomfortable with the idea that they are being paid tens of millions of dollars and yet nothing they do matters, and so they're intent on leaving their mark. Thus, they cancel all the pet projects of the past management, instill their own ideas, and boldly take the company in a new direction. Except not really, because the fundamental parts of the business that make it work are all handled by people 8 levels down in the org chart whose job functions are considered common sense by everybody and never really up for discussion.
At least, this was my experience at Google, which is perhaps the best money-making machine ever invented and yet is grotesquely mismanaged by mid-level VPs that cancel every promising new product that comes out, only to start their own initiatives that themselves get canceled by their successors.
Apple's Liquid Glass comes to mind.
The design exec responsible suddenly left Apple for Meta, a company rather less esteemed for design, and Apple still hasn't acknowledged this failure or backtracked.
My job involves service contracts for the cloud. We get to know workloads and optimize them and learn how to troubleshoot them to reduce mitigation time.
I had a big customer go from "must have, non-negotiable" for my team to a non-renewal in weeks when a new CTO came in. Within a month, they had an outage we could have mitigated quickly and had our yearly contract pay for itself.
I've been unlucky enough to work under several executives who thought they could resist direction from the CEO and board. They pushed their pet projects and thought leadership would eventually see the light. Instead they got ejected from the company and replaced with someone who knew how to follow orders.
My cynical assumption when I first saw this was that it was all just politics, but I have to admit that life is so much easier when your management chain isn't fighting uphill all the time. If the CEO and board want the company working on some things and not others, you're on thin ice if your manager is assigning you to go against the company's direction. It's scarier when you may not even know what they're doing to you.
For this specific case, completely pulling the content offline feels like a loss across the board. I could see it happening as an overreaction, to send a message that the new management is serious about not repeating the (perceived or otherwise) mistakes of their predecessors with an unmistakable signal