I think one thing you're missing is that GoPro cameras are basically a consumable product for many higher end filmmakers. Look at the X-Games. Every athlete had one in at least one place on their body. They usually don't even have the waterproof housing on them, because they don't care if they break them.

Yes, the average consumer is only going to buy one every few years, but there are business that will buy hundreds or thousands.

I think there are other places they could move the business also. They could do other kinds of sensors, heads up displays, lots of things that aren't necessarily cameras.