GoPro is in serious financial trouble. Action camera giant is at risk for potential bankruptcy
(www.digitalcameraworld.com)
At the beginning they weren't "kinda crappy" because there really wasn't anything else you could compare them to. Nobody else made a camera that you could strap to your chest, or your helmet, or your motorcycle while you did something action-ey. They had fully waterproof cases too, so you could take them underwater.
As a camera, they weren't amazing. But, people weren't using them to take wedding pictures. They were using them in situations where a normal camera would be too heavy, or wouldn't stay attached, or wouldn't survive.
There's a reason they became a household name. They enabled people to do things that had never been done before, and they changed the way a lot of sports are shot.