Midjourney is not actually an AI imagery company. It's a research lab that happened to do AI images first.

The founder is a hardware guy who made enough money to retire young off of the sale of his company, Leap Motion. But, he decided what he really wanted to do was cool research with cool people. So, he started Midjourney. The goal for the AI image generator was to be cool research, pay for itself, and grow the lab. It ended up making far more money than ever expected.

I was a Discord mod for Midjourney when it was still in private beta. I got to participate in some of the discussions of "WTH are we doing and how should we do it?" DavidH is very much a smart hippie idealist. He isn't really motivated by even more money beyond how it enables more fun research. MJ actively refused investment. And, actively refused partnerships that would make them money but wouldn't help build the community or the lab.

So, put together: I can totally see how this looks weird from the outside. But, having spent a few years peeking inside, I'm only surprised it took so long for them to branch out like this.