Yes, that is true, you might be right. But I think such, because the moat in their wrapper layer feels very thin and does not make sense in a world full of 20+ wrappers around similar models. It feels better to "only" have to deal with Ant/OAI (and other pure wrapper cos). Competing vs. Google, Meta, and every Chinese lab on earth, every one using their own bespoke wrappers, is much scarier.

Additionally: competitive frontier = more commodified = high valuations under more scrutiny.