There’s a reason why no-one bought IBM PS/2s. They were horrible value for money.
The real competition at the time was the thousands of other brands selling PCs. By that time IBM was plummeting in sales and other companies were selling most of the PCs. That’s where 95% of the market was.
A lot of larger companies like Compaq etc. were making “respectable” PCs by then and selling them in big quantities in direct competition to IBM.