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Not that crazy. Back then they were a luxury item and competition could easily spring up if they lost control of the market. Now they’re a necessity, competition is scarce, and they have deals with most major manufacturers to keep them in businesses even with faulty products. It’s standard late-capitalism consolidation at work.
It’s reasonably priced. I was in the same boat with the Google domains shutdown. As long as you aren’t a heavy user, it has lots of cool features. But if you get their attention they’ve been known to fleece the crap out of small businesses that were using their free services. Most of my stuff is self hosted applications to move myself off of Google services, so my traffic is minimal.