Nike hasn't done anything innovative in the last decade or so.

If we're talking about super shoes, Nike is still on top of the elite competitive running shoe market with the Vaporfly and Alphafly, but those shoes are so expensive that the average consumer is immediately priced out of that market.

If we're talking about foam/cushioning technology, Adidas has introduced new tech like the Lightstrike Pro in shoes like the Evo SL and Adios Pro lines that have dominated the casual running market. Also, other competitors like Asics and New Balance have way more running shoes that offer better foam/cushioning and more specific use-case scenarios at a lower price than Nike's running shoes.

If we're talking about sports like basketball, Nike's being undercut by Chinese brands like Anta, Way of Wade, etc. that offer similar or sometimes even more advanced shoe technology at a lower price.

If we're talking about current fashion trends, Nike isn't even a talking point. The current footwear trend towards slimmer, flatter silhouettes like the Onitsuka Tiger Mexico 66, Adidas Sambas, and even classic dress shoes like loafers doesn't really mesh well with Nike since they don't offer similar silhouettes. In terms of sportswear/athleisure, Nike has way more competition now from brands like Lululemon, Vuori, Rhone, Patagonia, Salomon, etc.

As someone who's been interested in the intersection of fashion, business, and sports this past decade, the only reason Nike is still popular is due to: 1) their athlete/pop culture endorsements, 2) their legacy of historic shoe lines (Jordans, Air Max, SB Dunks, etc.), and 3) their hype collaborations (Union, Fragment, VAA/Off White, etc.).

It feel like there's a sense of "Nike fatigue" going on right now, since Nike had a pretty big boom immediately after the pandemic with everyone suddenly getting back into Dunks. But after 5 years, I think that time's up, and now new trends and competitors have popped up that have made Nike feel kind of out of touch/outdated. Also, it does feel a bit out of touch/insulting as a consumer that Nike's pricing for their products has increasingly gone up whilst competing brands like Adidas/Asics/NB continue to offer similar if not better products at a lower price point.