Distribution > Product, do you agree or is it just X hype?

I've been hearing this in every SaaS circle these days.

But if that’s true, why do so many well-funded startups with massive distribution still fail?

I’m currently building a free alternative to Calendly Pro and spending a ton of time obsessing over product polish. I've realized that it's a lot easier for me to work on the product than to actually crack distribution channels.
What do you think?