Why did PSP fail?

Can you elaborate on the reasons behind the failure of PSP? Was it due to market saturation, poor management, lack of innovation, or perhaps a combination of these factors? Were there any specific events or decisions that led to its downfall? How did the community react to these developments, and what impact did they have on the overall market sentiment towards PSP? Additionally, are there any lessons that can be learned from PSP's failure, and how can they be applied to similar projects in the future?