This is worth a read
https://www.linkedin.com/pulse/nike-epic-saga-value-destruction-massimo-giunco-llplf/We used to always debate: why not just buy brand terms since the ROAS is so high? And the answer was always the same: because people typing in brand terms are already looking for us and we can't survive forever just on people who are already looking for us. You have to BUILD the brand before people start SEARCHING on the brand.
TL;DR: on an abstract level, Nike focused on performance metrics at the expense brand building and Nike also found out that customers aren't 100% elastic. You can't just decide to move them to another channel and watch them move.
From a hospitality perspective, it was like Marriott deciding that they wouldn't use Expedia, Booking.com, and the like at all, but would just buy ads and get customers to download their app and always use that when they needed lodging, believing customers would follow them from the customers' favorite platforms to Marriott's favorite platform.
There's a lot more to it though. Worth reading for the details though (IMO)