yup that is exactly my impression of what is going on there. Superb technology. Can't get out of their own way. My best friend from engineering school was an IBM Java researcher for 20+ years. One of the best in the industry. Just left in 2017 because he had NOTHING to do for over a year; now works for Adobe.
That's also the impression over here. The company I work for is also an IBM Partner (IBM cybersecurity solutions are awesome, I must say). Whenever Watson comes to the conversation, the natural comparison is that it's like buying a Rimac ConceptOne (an electric supercar that drags faster than the Bugatti Veyron but has less overall speed) and use it as Uber in the rainforest.
Great insight, @SvenVanPoucke, thanks for sharing!