Open source rules the world. A lot of people use HashiCorp's OSS products; not a lot pay for them. I certainly haven't and I don't think I've ever met a paying Hashicorp customer even though I know lots of people that use their products.
They are a consulting business ultimately. And like many such companies they thrive on complexity. They are doomed to become part of the problem they are trying to solve. If they succeed in their mission, the result is OSS software that is so simple to use that nobody needs their consulting services.
Like many OSS companies, they confuse control over the software with controlling the wider market. Amazon, Google, MS, etc. don't provide just software but their 630B dollar industry that is enabled by their massive data centers and infrastructure. That's what people pay for.
Hashicorp is a small fish in that pond as they don't really own or control any such infrastructure. I'd say they might end up being gobbled up by a bigger consulting company. Oracle and IBM come to mind.