In the past some really horrible and doomed products have reached the market only because a company felt they'd put way too much time and money into them, and they just couldn't pull the plug. By comparison... Steve Jobs was notorious for canceling far-advanced R&D projects at Apple whenever he decided the results were not "insanely great". I was therefore amused recently to read complaints from a SpaceX employee about Elon Musk deciding to scrap six months of R&D work because the result wasn't sufficiently "badass".
Having said that... I don't think the Mirai can be entirely blamed on Toyota management's ignorance or stubbornness. There is a logic behind it, but you have to put yourself in Toyota's metaphorical shoes to see it.
There's a lot of collective wisdom in the car industry that says the masses won't accept BEVs and their limitations, especially with regard to range and charging time. The Nissan Leaf and Model S have begun to erode that argument, but they are still a blip, a quirk, in the eyes of the industry as a whole. This is supported by market research: If you ask random people what they want in a ZEV, most of them (who know little of these subjects) will say they want something that works just like the gasoline car they're already familiar with, except that doesn't burn gasoline. A HFCEV fits that description. A BEV does not.
This also ties into the CARB regulations. Major car makers (including, but not limited to, Toyota and Honda) have convinced CARB that HFCEV range and fast refueling will allow them to be used for more driving each day, thereby displacing larger quantities of gasoline than the same number of BEVs. Therefore, HFCEVs should get more clean air credits than BEVs. Since all HFCEVs and BEVs are, from Toyota's viewpoint, compliance cars destined to lose money, it makes sense to produce the smallest possible number of them and thereby lose the least money. Since HFCEVs are worth more credits, Toyota can get away with producing fewer of them.
Toyota is one of the biggest car makers in the world, and virtually all of those cars have an internal combustion engine. From their perspective, changing to any kind of different power plant would seem like a very expensive way to undermine their own business. I expect them to make as many ZEVs (of whatever kind) as the law requires, and not one more. In other words... Toyota is the new Kodak.