Well the photo market completey turned during and after the pandemic and the world hasn't been the same ever since.
1.) No or less pro photo work during pandemic, people sitting at home
2.) Economic disruption leading to focus on profitability during and after the pandemic - shrinking budgets / ways for photogs to make money
3.) Budgets move more onto social media, which doesn't require P1 type gear (iPhone can also create tiktok content and many content creators do all on their own with simpler systems or just phones)
4.) Cost of living crisis also affects spending of enthusiasts after pros are out of the buyer universe
5.) AI replacing a lot of content slowly ...
Only remaining customers for high end MF optics are enthusiasts / old-gen photogs and "pensioners" so to say who are being squeezed economically atm (real estate, job market, inflation) and on top competition heated up with new options from Hasselblad and Fuji.
The world has changed dramatically from the perspective of available cash for a new MF optic ... so when they started it the business case may have looked solid, but then they ran into the perfect storm no one could have foreseen ... its really crazy how the photo market has changed.
P1 pivoted into B2B aerial and CH repro to survive - bespoke is also not the sales engine of the company anymore.
Difficult for a no-name to come in like that.