I think that’s a big part of it, but even putting him and all his BS aside, they haven’t really done much innovating in years. In the mid '10s it seemed like they were making big gains in manufacturing and following up the success of the Model S with the X, Y, and 3 as well as developing the gigafactory and things like the powerwall. Since probably 2019 though, they’ve just been spinning their wheels and stagnating on things like autonomy and building the Cybertruck with no real gain to show for it.
I imagine it won’t be long before he’s ousted though as it provides a convenient scape goat for everything along with shedding dead weight who’s main appeal previously was being outspoken online and “a disruptor” before everything turned to right wing politics.