Your bullet points are all, to some extent, valid. But nobody seems to have hit the main nail, as I see it, squarely on the head.
I'll give you a clue
By the turn of the millennium you could walk into any decent supermarket on the planet and buy a half-decent CD player for under $100 – probably a lot less, in fact. It was bad enough that punters were to be forced to buy new players but Sony could have ensured that these new players were available at the about the same price as their Red Book counterparts. Had Sony been prepared to take the hit for a few years, it was within their grasp to have effectively destroyed Red Book and moved the world on to the ‘new standard’.
Why on earth it became Sony's policy to charge hefty license fees which, essentially, restricted the early manufacture of SACD hardware to boutique houses rather than ensure that the new technology permeated everywhere – is something I shall never understand. For what it's worth, I suspect the answer to this question is down to multiple interests within the Sony Corporation and its consequent inability to decide whether, on the one hand, it would be better to invest in ruling the music industry for the next generation or taking whatever profit it could, sooner rather than later.