Incompetence, plus some longstanding organizational problems:
https://theartofdoing.com/wp-content/uploads/2013/07/ManuCor...
The leaked document link doesn’t resolve for me. It sounds like this is a separate incident from the very early 2000’s one? (https://www.bloomberg.com/news/features/2021-01-06/xbox-the-...)
“BACHUS Steve made us go meet with Nintendo to see if they would consider being acquired. They just laughed their asses off. Like, imagine an hour of somebody just laughing at you. That was kind of how that meeting went.”