Airbus explicitly bet that point to point routes would go away in favor of fortress hubs and hub to hub traffic. The reverse has instead happened. United is making a small fortune now with hub to previously unserved cities in Asia. Norwegian is disrupting the entire Atlantic market by flying 787s into other carriers hubs, destroying any economic advantage that the hubs have.
Airbus wanted plane that was "the biggest and the best" for prestige purposes. That led them to green-light the A380. The A308s engineering problems are problems, but what ultimately dooms it is a basic conceptual problem with the plane itself. It's basically a prestige project, and is going to leave Airbus and European tax-payers on the hook.
All that said, the A380 is a great plane to fly on. I fly it regularly to Bangkok via Seoul. More often then not, the entire upper deck (which is business only on Korean) is 75% empty.