"remember that web thing? they missed the boat, caught up, boarded it and then pretty much defined the thing."
The way I remember it was they missed the boat, and then used their massive commercial clout to shoulder barge their way back in, ruining standards left right and centre for over a decade. Then, once they'd "won" the web wars and Netscape was open sourced , they stopped development on I.E.
If you define "the web" as a complete basket case which has only recently recovered from Microsoft's meddling, then yes, I suppose you can say it was their doing.