I can not say IPFS was a bad idea. Consider GitHub: it is a massive content-addressed store with a smiley on it. There has been some very hot P2P products, e.g. Tailscale. Protocol Labs had its peak during/after the ICO, but long-term, (1) they did not focus on some particular audience and (2) performance of the network was not great. I personally believe that their bet on DHT was not the right one (I worked in this area long before IPFS btw). OK, in retrospect we are all wise.