Top talent in San Jose is working at Google, Facebook or a hot startup, so PayPal gets mostly B players who hire C players.
"Speaking truth to power" is not appreciated by B and C players in management, but it can be fun if you have no career expectations.
The number 1 goal is to keep the site up, which means that innovation is not encouraged. Only broken things get fixed.
PayPal has a strong affirmative action promotion policy which effectively means that white males should look elsewhere.
PayPal decided that they needed to get into offline payments. While they were trying to integrate into Home Depot, they lost their core business to many new players.
PayPal was a monopoly that failed to achieve its true potential, and is now in a long slow decline.
Too many meetings. There are too many managers at PayPal for the actual progress made on anything, so they fill the time with meetings.