I think there are 3 big problems about it:
1, military strategy) The official position of the italian army was that using tanks was risky. A tank could bog down in the mud/sand, could run out of fuel, could break down away from its supply centers and run out of spare parts.
To give an example the italian evaluation of the Red Army was that it was "prone to collapse easily because it was
too much mechanized".
I know it seems silly now, but that's what was the Army policy.
(And before '39 there has not been a massive-scale test for tanks, anyway, so they could even be right).
Thus, tanks were not labeled as a top priority and, apart form very few divisions (Centauro), Italian army preferred to invest on large infantry masses (Great-War mentality played a role here, too).
Also, the (few) tanks were to be used as support to infantry rather than armour division
per se, thus were really conceived to be more armoured cars than tanks.
2, economics and politcs) All the models were produced by FIAT-Ansaldo.
All of them.
There was no real competition aimed at determining the better design.
FIAT-Ansaldo managed to have HUGE investments from the state and to give the cheapest possible product in exchange for that.
Bribery and corruption were the means to achieve it.
3, industrial base) lack of