I assure you, Spotify would love nothing more than to reduce the label share - it's not as if they love giving away almost all the money they make - but they also have next to no real leverage, since the labels have all the power here.
Again, Spotify loses money with every single free user. There may exist some balance point where they can actually reach financial stability by converting a large chunk of them into paying users, and I don't think can really blame them for doing what they can to achieve that.
That doesn't mean it doesn't suck to lose features you liked, but an individual not liking something doesn't make in immoral.