Phrase match penalty?

This happened to me two years ago but I can't seem to get it off of my mind.

I had a website with 70DA that had 3 different tools that were ranked very well for medium-competition keywords. All the links were acquired naturally.

I setup a new landing page to sell a service related to the industry this website was in. It immediately ranked well due to high DA site and internal linking. Then over a 6 month period I stupidly purchased hundreds of guest-post links with all very similar, keyword-specific anchors.

I made it to top 3 for a very competitive keyword. Then one day the page disappeared from the top 100 results. The only way I could find it was if I basically typed the URL into Google.

I checked Google search console and there was no manual penalty. The 3 tools on the site were still ranking very well for their keywords. I tried setting up completely new "service" pages to rank for the same keyword with no luck.

Thinking about it now, I should've tried to disavow the links, but I couldn't get past the thought of disavowing links I spent tens of thousands of dollars on, so I never did.

Unrelated issues came up shortly after and I was forced to shut the website down. I still own the domain but I don't use it for anything.

Does anybody have any idea what may have happened? Is there such thing as a "Phrase Match Penalty?" Was it the low-quality guest post links? Or the spammy anchors?

I don´t think there is something like phrase match penalty until and unless your anchor texts are just repeating a single word
more than 5% of overall backlinks profile. The best way is to get all the backlinks data and filter the crap to disavow tool.

I had a similar problem but after disavowing, the site is climbing slowly in the SERPs. Don´t expect this quickly as it might take a couple of months to recover.

If this were to be a plenty then your all tools rankings would have dropped but if they stayed on their keyword ranking, it sure wasn't plenty.
I suggest you to disown those links and make a new service page.
As far as your satisfaction is concerned, my answer will be that these were spammy anchors and low quality guest post due to which you lost your rank in the first place
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follow @cpafreak footsteps you might recover something.

It happened for me at some point but across a full website, not just one page. I had no manual penalty warning so I just thought I need to disavow and build new links. I did, the website recovered in part, but never got to where it was..