Most of the “fun innovations” are awesome ideas that would get a small startup a ton of business and make them widely successful. But the problem is that these companies are so large, that even those successful innovations barely make an impact on the company. So many initiatives at these companies have to be pitched as huge and game-changing in order to be funded in the first place. Which means they need to hire huge staffs, to justify their importance.
The managers make extremely optimistic forecasts: they have to, to get the project funded at all. Then, when the project is successful (but not as successful as promised) the bean counters scale it back to the size it should have been in the first place. So the headline is all these layoffs, when the real problem is that these companies are too darn big to operate efficiently.