IMO: HashiCorp is in this situation because they want to grow too big, too fast. A lot of their software is tooling, tooling that doesn't necessarily make sense

IMO: HashiCorp is in this situation because they want to grow too big, too fast. A lot of their software is tooling, tooling that doesn't necessarily make sense to sell in a SaaS offering, or if it does: it's going to be commoditized. However, SaaS is where the $ is. They have investors they must please, and they want a big return on investment. It's probably too late to fix this, but IMO if they took the slow and steady route of providing support and professional services HashiCorp could easily be profitable while maintaining all of their products, but perhaps to a lesser degree.