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There is a big difference between being an underachiever and a failure. The Gamecube wasn't a failure although it is true it never sold as expected.

The early release gave the PS2 a big advantage in conquering market share and Sony good relationships with third parties helped to create an excellent library for its console. The GC was too similar to incentive a purchase in a public already captured by Sony.

Finally, it was released close to the XBox. As Microsoft was new to the market, it was viewed as the novelty, capturing some of the Gamecube potential sales.

What I wonder is why so many people consider the Gamecube a failure whereas the XBox sold roughly the same number of units. Was the XBox a failure too?