It is not because there is not a breakthrough product launched every 2 years that they have lost their way.
For example, I still expect a lot of future generations of the Apple Watch (consider also how the phone evolved). Esp. because they have been hiring clever/phd level people with experience in sensors like blood glucose, blood oxygen and whatnot. Once they crack the nut of making that reliable for a large audience and once they pass health device regulatory certification, that will truly become a breakthrough product, since everyone wants to be healthy. Health is an enormous and far too costly business, Apple could be disruptive there.