From https://en.wikipedia.org/wiki/List_of_acquisitions_by_Cisco : "The majority of its products and business units have come from acquisitions..."
It lists 218 acquisitions over the past three decades and with only 155 having a purchase price that total is still over $90 billion not accounting for inflation.
Any innovation Cisco did was in the early days. It's been an acquisition machine since at least the mid-90s. Moreover, Cisco suffers from extreme corporate ADD. They'll roll out a product and then it will die on the vine due to lack of further investment once it hits the streets. Oh and forget about integrating those acquisitions fully so that they actually work well together. Cisco is a sales company, kind of like Best Buy except all of the products have a teal label. They'd sell refrigerators if there was sufficient mark-up.
There was never any innovation at Cisco. We acquire companies and rebrand their products as Cisco. Cisco sells & markets acquired products.
Real innovation is dead in Cisco. We are trying to embrace ChatGPT like it was our idea. We have no real AI other than basic noise cancelation in Webex that we bought.
Add DNA Center and Nexus Dashboard to the internally developed list of dog doo. Firewall/Firepower FMC is junk also, but in fairness that is 20 year old software acquired from Sourcefire that Cisco hasn't figured out how to produce a competent replacement for (mis-ques like CDO, FDM)
There was internal innovation (converged access, instant access, sda, etc) but you will notice they were all failures.