I don't have a dog in this fight as I am not a customer of either Polaris, Victory or Indian but we must remember this about going into business and into a well-established market where there is and has been a very strong owner; Harley-Davidson.
Like Harley or not, and I do not, they have been very successful for many years selling the notion of lifestyle on their largely antiquated and overpriced machines. Until their unique demographic gets too old to ride or dies off altogether it will remain thus. Competing in this market means you have to offer something unique to the folks who have bought into Harley's "aura". Indian brings its history which is not that impressive. Victory brought nothing but styling differences which is something that practically no one else can compete with HD on.
Therefore, it is not a surprise to me that Victory has folded and Indian remains a niche product. The fact that the vast majority of HD owners buy into ownership as something unique, even though it isn't, and will support HD no matter what, well, except for the water-cooled bikes, means there is not room for a competitor in that marketplace.
I feel sorry for the franchise holders who will lose their investment as this realization becomes apparent but they should have seen this long, long ago.