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There's a (small) part of the market that really wants those big SUVs & pickups (at least absent $4/gal gas), and would want them if they weren't pushed by fad marketing. If you're a large automaker, like for instance Toyota, you can build a product or two for that market segment. But you don't, if you're rational, start believing your own marketing and make those your entire product line.
That was the problem with GM. It's not that they bet big, but that they weren't even aware that they were making a bet. They were gazing into their own navels, chanting "Americans want big cars", and ignoring the real world.
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