There is more to this than just "well, change the software to fire a preflash":
Instead of leading the market with pro level flashes, Metz had to chase vendor protocols and special electronics while offering nothing unique. They had to make compromises in product quality (c.f. stuck flash mirror) in order to compete in prices. They made some bone headed decisions (make flash firmware update available only for Windows, poor service, ...), which saved nothing but cost a lot of good will (many hobby photographers are nerds&tinkerers by trade).
- A TTL flash was fired by a thyristor and stopped by another thyristor. Thyristors are cheap electronic switches for high voltage and high current, but they could fire only one flash at a time. If you want to switch your flash on and off a couple of times in short succession, you need special MOSFETs. These are trivially available now, but require a complete redesign of the flash circuitry. These hammer head flashes had stronger strobes, and MOSFETs to handle these may not have been available right away. Semiconductors thrive on high volumes, and hammer head flashes were the exact opposite: demanding design, low sales numbers.
- Signaling between camera and TTL flash used to be trivial: "fire flash" and "stop flash", both typically communicated through one or two signal lines. No issues with reverse engineering of vendor specific and ever changing camera-flash protocols.
They had to make compromises in product quality (c.f. stuck flash mirror) ...
What do you mean by that?
There's really no mystery here. Metz was pro equipment geared primarily to the medium format market, and more specifically, the huge wedding photography market. There were a lot of these folks to serve, and they were willing to pay top dollar for pro equipment, since their livelihood depended on it. Medium format collapsed when digital became good enough for the pros. Metz sufferered just like every other medium and large format camera supplier. Almost all of them are gone now too.
Everything about photography has changed dramatically over the last 20 years. We now view images on screens, and not on paper. Everyone is carrying a competent camera in their pocket or purse these days. Even if you could have predicted the future 20 years ago, it doesn't mean it would have been easy to change course so dramatically.
Basically you are right (except that Bauer did not even join that consortium).
A few years ago I started to buy Metz flashes, simply because they were the best available when I was younger and about ten years ago the older units were available for almost free.
They did make SCA flashes though.
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