Earlier quoted context omitted.
So if I understand your comment, you are suggesting that they went and raised money to make t-shirts? Not upset in the slightest, I love Kagi search and want to see it continue. Merch is a solved problem and there was no reason to bring it in-house and make such a big announcement around it.
I'm suggesting that self owned companies are allowed to and often do spend absurd amounts of their spare money on pointless things like marketing or internal transformations. The difference they don't tell you about their internal accounting so you don't join the dots. Start ups burn money on silly things like offices way too nice for what they need all the time. That's much closer to unethical than a company with no…
But we are still allowed to criticize moves that we think are counter-productive or a waste.