The main stated reason Strategic Bombing was not successful is that Germany increased its production until late 1944. But could that be a bit of a narrow analysis?
If there had been no strategic bombing, production would have been even higher for many reasons. They wouldn’t have had to use resources to repair or disperse production, which reduced equipment quality for multiple reasons and stressed their production capabilities. Germany was also forced to deploy around 50% of its Luftwaffe fighters to defend its industries and cities, use manpower to man flak guns, and use production to produce flak guns instead of tanks, artillery, etc. And, once they were able to use long-range escorts and change approach, they effectively destroyed the Luftwaffe on the western front. And because of that, Germany on the western front couldn’t make daytime movements or move supplies without facing air interdiction.
While the “maximum” stated goals of destroying production weren’t met, it still achieved a lot of success in stressing the resources and production of Nazi Germany; it did have a positive material impact on the war effort in those ways. While yes, they realized they couldn’t target factories accurately, that doesn’t mean it was a failure in its broader impact on the war effort— it was just a different kind of impact, forcing dispersed production efforts, allocation of resources to air defense, tamping down production capabilities, and massive allocation of fighters from the Eastern Front, leading to the destruction of the Luftwaffe.