TTx was killed because it did not have a BRS. Same with the Mooneys. People buy Cirruses because of the similar performance, plus the BRS. Pretty simple.
It's never just one thing. The 'chute is part of it, but no where near the whole reason the airplane was not a market success.
Cessna was late seeking FIKI certification (its first anti-ice system on the Cessna 400 was quite innovative, but it was not FIKI). That's just one other thing that added to "the Cirrus is safer" mantra.
Piston airplane sales volume collapsed during the 2008/09 financial crisis, and never fully recovered. A dozen years after that event and even Cirrus is barely selling half the number of airplanes it did prior.
The subsequent acquisition of Beechcraft by Textron meant it had competing products (Bo and Baron) with the TTx in the high performance piston airplane category. I suspect the Bonanza/Baron, with its large existing fleet supporting parts manufacturing, was the more valuable product despite declining sales of new airplanes.
Finally, a point I've made before...private and corporate GA is moving steadily and inexorably upscale. Of all the manufacturers Textron (along with Gulfstream and Daher) has absolutely done the best job recognizing and responding to that market shift. 30 years ago at my airport an A36 Bonanza or turbo-Mooney were the top end airplanes we all aspired to own, unless we could afford a pressurized twin Cessna. There wasn't a single turboprop or jet using it as a home base. Today my airport is home to dozens of Mirages, Meridians, TBMs, privately owned Navajos, 414s, Conquests, Cheyennes, King Airs, one private PC-12 and a handful of personal Citation and Phenom jets (interestingly, not a single Cirrus Jet so far). There's one member here on PoA who ditched his Cirrus SR-22 for a leased Citation.
That trend is not going to stop or reverse. Airplane manufacturing is brutally competitive. A single strategic mistake can put a company under. Mooney and Bombardier, which sort of bookend the range, are case study examples.
As GA moves upscale the market for really expensive unpressurized single engine piston airplanes is quite limited and I can't see anyone with any business sense wasting time and money trying to steal market share from Cirrus.