That's my take, along with Oracle. "downstream" distros making "bug-for-bug" compatible alternatives to RHEL, and offering support which cuts into Red Hat's profit.
I used to see the value in Red Hat's offering as I use Fedora on my laptop and desktop, and Rocky (formerly Centos) on my home server, but now I'm leaning to move the server back to Debian or FreeBSD.
openSUSE is a consideration for me as well. I used SuSE a lot in the 7.x days when it was convenient to get all packages on a DVD instead of dealing with downloading over dial up. Part of my reaction is to be separate from a corporate for-profit entity though. I hope Rocky/Alma survive as it would make my life easier (personal VPS, home server and offsite backup at my parents all run Rocky)
I just generally hate dealing with any kind of licensing renewals as I've had to do that enough at $DAYJOB, I don't exactly want to bring it home with me.