My take on this is no they don’t. As long as they are truthful they only report on the quality of the product and prevent many people of spending a lot of money from losing it by buying something that doesn’t work.
If your product is shit your company does not deserve to be shielded from the backlash, this is the core of (classic) capitalism after all.
There are a lot of reasons in here about how bad reviews kill products, but I didn’t see mentioned how exceptional a product has to be to garner GOOD reviews. A business will get to the point of almost harassing you to leave a good review. In my experience people leave reviews when they are unhappy, and say nothing when they are satisfied.
An example of this was Teenage Engineering K.O. II EP-133 sampler. A bunch got released with broken fader knobs and the wave of bad reviews and complaints flooded in, drowning out the actual pros and cons of the device. T.E. isn’t exactly floundering from it, but in another circumstance that could have killed the product (which I find to be phenomenal).