Some cephalopods are able to fly through the air for distances of up to 50 metres (160 ft). While cephalopods are not particularly aerodynamic, they achieve these impressive ranges by jet-propulsion; water continues to be expelled from the funnel while the organism is in the air. The animals spread their fins and tentacles to form wings and actively control lift force with body posture. One species, Todarodes pacificus, has been observed spreading tentacles in a flat fan shape with a mucus film between the individual tentacles, while another, Sepioteuthis sepioidea, has been observed putting the tentacles in a circular arrangement.
I wouldn’t say it’s the only thing getting in their way; being underwater is a major disadvantage when it comes to developing advanced technology, as it makes smelting rather difficult.
Don’t judge a fish on how well it can climb a tree…
Just because the stuff we invented on land won’t work, doesn’t mean the mighty squid people wouldnt have invented an underwater method instead.