That having been said, there are a lot of products out there that made their product intending it to be free, and then when they hit 1m users they started thinking "hmmm, if I could get a dollar out of every user, I could buy a house". They try to stuff a monetization model in sideways and damage their product in the process. Taking a moderately successful product that's crippled by attempting to shoehorn in monetization and redesigning it to have reasonable monetization from the beginning might be a better strategy.
That's exactly the point of this approach. Don't try to solve everybody's use cases like Word. Target one specific group and make the product faster and easier to use by removing all unused features.
But there are a lot of opportunities elsewhere to make products that are faster, simpler, cheaper, and more useful than the current industry standards.
I hate it when I have to use Word for something.
Want to run a little webhosting business focused on small businesses? Tried and true. Want to offer custom software development for some little vertical? Easy enough. Want to just make a really nice and clean note app? That works too.
When your goal of success shifts from "mind boggingly rich" to "sufficient for the lifestyle I want", it's much easier to be successful.