I don't think that they haven't been innovative. Moreso, there's a deliberate strategy by FAANG/MIC companies to buy (or bury) smaller startups that are innovating.
Then those bigger companies mothball the tech with no plan to sell or market their acquisitions, nor release the IP rights on what they own.
It's not so much that there's no innovation, it's just good old fashioned tech monopoly behavior.
what's your feelings about freshservice?