To be fair to Fender the 5 string market started so small that they were hardly going to notice it, let alone get into it in a big way. Their focus was to carry on dominating in the 4 string market. That's the way market leading companies work. I worked for an equivalent IT company which almost failed because they didn't just ignore the competition, they dismissed it as irrelevant. They thought they knew better than their customers, and caught a cold as a result. When complacency reaches that level, the entrepreneurs will succeed.
I tried some early 5 string Fenders and they just didn't feel or sound good. Sorry, that's as technical as I get! So my attitude was, if other bass manufacturers are getting it right, why bother with Fender. I started in the 90's with a Stingray 5 and in the early 2000's went to a Lakland 55-94. Fender took years to reach the quality of those basses, but even now I'm still ahead with a Lull and Sadowsky. Fender should have brought out the current designs in the 90's and then the history of 5 string basses would be very different.