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At times, Ms. Warren’s campaign did not reflect the urgency of a candidacy trying to make history, not only as the first female president, but also through a program of systemic upheaval that would include government-run health care, free public college, student debt cancellation, breaking up big tech companies, universal child care, and significant tax increases on the wealthiest individuals and corporations.

In a series of speeches, Ms. Warren sought to elevate the stories of women, often women of color. Her final major address, in East Los Angeles on the eve of Super Tuesday, was about Latina janitors who organized for better working conditions.

Aimee Allison, the founder and president of She The People, a political advocacy organization for women of color, praised Ms. Warren for the intentional inclusivity of her campaign. “She really comes up as the first white candidate for president who had an intersectional politics,” she said.

But Ms. Allison acknowledged that pitch did not find favor in the broader minority electorate, even as it won plaudits from academics and activists.

“Black voters really were looking for a return to normalcy,” she said. “It was a rejection from what was perceived as riskier politics and a broader and more courageous political vision.”

During debates ahead of the votes in Iowa and New Hampshire, two states where Ms. Warren had invested many of her presidential hopes, she took a back seat to other candidates like Pete Buttigieg and Ms. Klobuchar. Her campaign chose not to invest heavily in television advertising, and was outmatched on the airwaves in early voting states. Its bet on organizing staff failed to change the picture.

She had also embraced a vague message declaring her the “unity candidate,” dropping the policy-focused message that had seemed to resonate with voters early on and pitching herself as the electoral compromise between the left wing dominated by Mr. Sanders and the moderate wing led by Mr. Biden.