@aral you forgot the part where you burn money to attract more users while killing possible competitors, and then raising your prices to try and make some profit (spoiler: many times you don't). See any startup that offered a killer free tier and when everyone started using it they enshittified it and made it more expensive, while locking you in making it hard (or impossible) to take your data somewhere else.
But guess we'll never learn as a society to not trust companies that lose money on purpose...