It really is the best way to describe what happened. Even Roku admits it:
More here. The financial details were not disclosed, but I think we can agree that Roku did not buy Quibi’s product for 1.75 billion, so anybody who took a bath on funding that project is probably still in the tub. But, hey! There were a couple of shows on there that didn’t seem too bad, and since I have a Roku I’ll get to see them after all for free.
This feels all very metaphorical. To paraphrase Terry Pratchett: I’m not sure what it’s a metaphor of, though. Just a metaphor in general, really.