Maybe, just maybe, successive management knew they weren't up to really delivering transformational change or innovation at scale and (in the absence of a monopoly) and terrible government policy for the industry (and shackled by the ACCC) knew they'd be picked clean by low cost new entrants.
Maybe in that case returning cash to shareholders (who could then invest it elsewhere) was always the best option for management.
Maybe Telstra was never going to be a swan or a Phoenix rising from the ashes but always going to be the chicken destined to be plucked clean.
You might have preferred lots of other eggs but at least shareholders got to eat the dividends these last 20 years
(20min delay)