I think at its Origins, Soundcloud was great... But they failed to keep a good balance between Freedom and Marketing, Pro and Listeners, Network and Scammers, Own Right on Tracks and Rights algorithm detection, Music genre recommendations for Listeners, Network recommendations to Pro on music genres and label, Bandcamp business model (sort of) including for Pro to sale music directly with Paypal or something, And also keeping the DJ and Dj Set with some special conditions/discussions with label.
Where Soundcloud failed (to me) is in to BE on multiple side of the Music, that's where Soundcloud need to be the King. Instead they going to the Streaming model where Spotify, Deezer, Apple Music and Tidal are ... and somehow impossible to beat on their ground.
Is where they failed very bad move.