Is it an exchange or more like a lead gen company? I thought coinbase's business model was to advertise heavily to get newbie crypto investors on their platfor

Is it an exchange or more like a lead gen company? I thought coinbase's business model was to advertise heavily to get newbie crypto investors on their platform and then to charge wildly inflated commissions compared to other exchanges. Kind of like a Rocket mortgage for crypto. Unfortunately in that business model gross revenue directly tracks the price of bitcoin.