As best I can tell, main narratives are:
1) Nike decided to sell direct from their Web site and pulled shoes from Foot Locker to save on their cut. Foot Locker filled the empty shelves with Hoka.
2) Nike decided to stop innovating for performance, and focused on being a fashion brand. Hoka provided more cushioning, which runners were asking for.
3) Nike just kept rehashing old models with minor tweaks instead of coming out with new designs.
4) Nike kept its prices high.
