Yes, an incorrect take.
While the strategy is not new, the scale and speed is. Also, there wasn't an existing market that they're trying to capture (as opposed to services like Amazon or Uber).
The entire industry is doing the same thing and they're all losing. It's a race to the bottom and that is most certainly new (and stupid).
Not to mention that the cost of the unsubsidized product is insane. Hence, it's not an economically viable product.