I was thinking this might be a result of the Cheap-money (post covid) era ending and everyone scrambling to reduce their Datadog/Cloud costs. Thinking back on 2023/2024, lots of companies were leaking large amounts of capital to those vendors and I imagine lots of people saw an opportunity for creating leaner and cheaper stacks.

This is my instinct too. I've had the pleasure of using DataDog and the pain of negotiating with their salespeople!