The thing about sneakers, and clothing in general is that your price point are an important reflecting factor as to how your brand will be perceived. The cheaper priced your merchandise is, the more people can have it. The more people can have it, the less exclusive it is and it becomes less and less desirable as a status symbol.
As this pertains to Shaq, Shaq went the route of wanting less-privileged kids to be able to get his shoes, similar to Stephon Marbury's model that came later on. Since so many people could have them, they were seen as being cheap and had little to none of the allure that say Jordans had...part of which was that they were (are) high-priced and so not everyone can have them.
Brands will go extremely far in order to get people to highly value them. Ralph Lauren's Purple Label actually loses money for them but it increases their brand profile which is more important. Purple Label adds to the perceived exclusivity to the brand, which allows them to sell t shirts and socks at high prices...which is where their real margins are.
Shaqs also kind of looked cheap, and were ugly sneakers for the most part...that doesn't stop everyone because people buy cheaply made, ugly sneakers all the time. But that affordable pricing doomed the brand to be on some Payless BOGO shyt from the jump.