But they definitely flooded the market with every shade of fleece jacket, though, once they convinced high school girls it was a mandatory accessory. At that end of the market, it's become more of a badge or trend product, as others note below.
I recall their founder (who's name I don't recall) laments their broad commercial expansion of the past decade or so. He's a central figure in the documentary "180 degrees South," which for all it's Birkenstock wearing tree hugger-ness, is worth watching. The eye feasts on the scenery.
I think the founder cashed out somewhere along the way and has since bought an incomprehensible amount of land in Patagonia (the region not the brand). He also married the ex-wife of the founder of Patagonia (the brand, not the region), Yvon Chouinard, who remains a close friend.