It does as Box seems to be doing fine. It was Dropbox failure at enterprise and trying to focus on consumer when other companies are offering similar features for free. Just bad strategy
To play the devil’s advocate: maybe it doesn’t make sense if you think of Dropbox as a utility for syncing files across computers. But maybe it does make sense if you think of them as a company that’s responsible for safely and securely storing a non-trivial share of world’s data.
Unfortunately, there's really no moat & no differentiation (so others could also be horizontal competitors, making this a commodity), and the giant platform players will always make it easier for their own vertically-integrated offerings to work better with their customer-valuable services and products.
Dropbox as a publicly traded global megacorp does not make sense.