Even if that were true, how is that a fail?
Iphone 4 profit was still through the roof. Not my nor any business's definition of failure.
Not to mention they couldn't manufacture enough of them during the first 1-2 months. And that was before they gave away the bumpers and basically killed the "issue".
My guess is that the Gizmodo leak caused much more damage. Since it got such a wide coverage in the media, it must have kept a substantial amount of people from buying the 3GS and made them wait for the iPhone 4, which was much more expensive to manufacture.