the 99 was a complicated and difficult firearm to make. At the time a bolt rifle could be easily and quickly machined and put into a person's hands for maybe ten to thirty percent of the cost of a 99, just at a guess. The 94 with tubular magazine and simple mechanics was also cheaper. Savage made their rifles to a higher standard of finish, as well. It was a quality gun with a lot of work put into it, and had to be sold at a profit. To sell at a profit, it cost more than the other available options.
At this time, the bolt was the most accepted firearm; people returned from WWI familiar with bolts, and millions of military bolts flooded the market. People used bolts and levers, and not enough people were willing to pass over the easily available bolt rifles, and pass over the old reliable winchesters.
So, just like so many other companies, such as edsel, a good product failed to succeed at catching fire. I personally know people who reviled the 99, essentially because john wayne never used one. levers were a western gun, and a lever gun that didn't look western was just wrong.
Bill ruger's success is based partly, if not mostly, on his .22 lr pistol. He made a fine, functional pistol out of simple parts and little hand fitting, and sold it inexpensively. High standard and colt both made really nice .22 pistols , and neither of them could compete with the thousands of rugers put out for the public. both companies wound up halting production, just like the 99 did.