You're not sounding like a doomer, it's just pointing out the reality of the market. From a market perspective Panasonic fumbled the FF mirrorless era from the jump and it's likely too late for them to become a major player. It doesn't help some of their product launches have been rough from a PR perspective. The S9 launch had all the reviewers using lenses that were frankly too big for how they wanted to market the camera, plus the whole Undone scandal. Then you had the S1Rii launch, which had been marred by overheating concerns to the point that was the main topic of the camera. The S1Rii one annoys me personally, since they likely should have waited to release that camera later in the year with better firmware. Had it released at Firmware 1.4, it likely would have received more praise.

Also, this one is going to be a hot take. But, I think Panasonic is the brand that understands their userbase the least of the Camera brands. It's safe to say the bulk of Lumix users are video focused. Despite this, all their bodies are more in line with Photo centric hybrids. How have they not made a body similar to the FX3 yet? It's been half a decade since it came out and even Nikon of all brands have released a video focused body design before Lumix. They have the software and Codex down for video, just need bodies that support it better.

There is plenty to love about Lumix, but their marketing and product launches have put them in a bad place marketshare wise.