+1 to that. It was a bunch of solutions looking for problems.
It still could have worked out ok. It was a smaller frame but by then film was good enough that it was more than large enough for most casual snapshooters needs, unlike 110 and, ugh, disc. And the easy mid roll changes and indexing and so on could have been nice, if not all that needed, but the processing cost so much more than 35mm it was DOA.