This is true, a comment below here mentions at large companies like this that engineers don't innovate and a good case in point is Adobe.
Magento, Permia, Marketo, Allegorithmic, Workfront and if it wasn't for the EU they would have gone ahead and just bought Figma, an actual competitor that did something actual innovative. Once companies are big enough innovation is just buying your competition, particularly if you can get them before they can actually compete with you.
I've said it before but I am in favor of just stopping any and all acquisitions, at least for a 10 year timespan if not 20 or 30 years because IMO none of the aquisitions have done anything positive for the consumer or the employees. Think about any medium or large acquisition in the past 20 years, which have been positive to where the outcome of being purchased was better than letting these companies grow on their own?