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Not really sure why it failed. I liked the Gamecube a bunch and it was pretty cheap too. I guess the existence and popularity of the PS2 is the cause,

Personally I picked up a PS2 because I had a PS1, my friend had a PS2, and I liked the games that he played on his PS2, and I wanted to play them too.
I also picked up a Gamecube a few years later for the exact same reason. So pretty much I just followed my buddy.

Oh and I didn't even know the PS2 had a DVD drive until a year after I picked up a VHS IN 2005, which was also the same year I picked up a Gamecube.