one of the most awkward eras in gaming
That's the key here. It was 1993, SNES was flying high, Sega had their CD system on the market, the gaming world was marching towards 3D but still had a foot in the 2D world, mainly because the systems available on the consumer market weren't powerful enough to handle polygons without extra chips or hardware add-ons.
The Jag had some design flaws that made it difficult to use its 3D capabilities to the fullest without workarounds, it took dev'ers a while to get a grip of the system but it was already too late, the 32X, Saturn and finally the PSX came out only a year later so basically, the Jag had a grace period of about 12 months but failed to deliver.
Just look at the launch titles, it was Raiden, Cybermorph and one or two others, hardly the stuff of legends. Cybermorph also shows some of the problems the system had, the game looked quite good for its time and also was more or less open world which was uncommon but in the end, most people found it boring to play.
However, it would be wrong to blame it on hardware bugs and bad business decisions alone. Development of the Jag hardware started in 1990/91 and its specs looked impressive but when it was finally released in 1993, 3D hardware development had taken a huge leap forward in terms of systems that were affordable for most people. For example, the basic capabilities of the PSX were available on various 3D computer systems as early as 1985 but it wasn't until the early 90s that it became available for consumers at a reasonable price. Markets and tech were highly dynamic at that time, software and hardware developers were creating new stuff on the fly and were learning on the go, what was big six months ago was old hat today, new graphics chips were released left and right but only a few of them actually made it, it was very easy back then to walk into a hardware dead end and get left behind. Happened to Jag, 32X, 3DO, some say also the Saturn, basically any system that wasn't the PSX. They all sort of placed their bets and Sony won. That's life.