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Is it? AMD's first idea was to put a GPU in the same package as the CPU, and then you buy a discreet GPU and crossfire the two together. That didn't work and it was quickly abandoned.
Then AMD releases Faildozer around the same time Intel gets their shit in order with Core. The company gets incredibly cash strapped and very nearly falls apart. The CPU side eventually got it together, but the GPU side seems to be crawling out from that nightmare only recently.
Edit: it also killed their relationship with Nvidia. Back then on AMD systems, the memory controller was on the north bridge chipset, which meant your choice of motherboard could have a dramatic effect on performance. The nForce chipset line was the best one. Buying ATI meant nothing like that would happen again.
The GPU side admittedly was what kept the CPU side from just imploding. Bulldozer was really really awful.