Because user freedom and experience is diametrically opposed to corporate control and ad driven profit seeking.
These companies have continued to function on round after round of VC fundraising, diversifying their corporate holdings to the point that theyre basically wall street funds, and providing little innovation past initial product launch. When the stock market takes a downturn they become insolvent and they have to squeeze profit which means squeezing users. They have no choice, most of these business models weren’t viable to begin with.