The hubris - it burns...
IBM are a world leader in one area: mainframes. Everywhere else they are a third rate also-ran, frantically leveraging brand recognition (built with mainframes) to remain relevant.
It didn't have to be this way. IBM could still be the gold standard x86 PC and server manufacturer with a halo effect making IBM the industry standard in related areas from keyboards to datacentre equipment racking to containerised clouds, but no. They sold that off and went all in with slick suits fronting offshore cube farms. You ate your own seed corn IBM. Own it.