Why:
Platforms rely on network effects, the standout feature of which is that user acquisition directly scales platform valuation, customer retention, and competitive advantage all at the same time.

Once that market dominance is sufficient, you can squeeze customers with relative impunity, because your original competitors either went under or are too far behind to be a threat.

The rainmaking phase of enshittification is why VCs are willing to dump so much money into bootstrapping startups (to hasten their market dominance). It’s why many products and services everyone pays for now were once sold at a loss or even offered free of charge. And it’s why shareholders will keep shares of unprofitable companies for years or even decades.

Enshittification is the ultimate payoff of the platform model/scheme and has been from the beginning.