Cloudflare supporting Ladybird makes sense for the same reasons that Valve invests in Proton. Cloudflare's job is easier if everyone standardizes on a few approved browsers, but right now the three major browser engines are controlled by Google (IIRC most of Mozilla's funding comes from Google) and Apple, just as Valve's Steam is heavily dependent on Microsoft's Windows.
Both companies are basically hedging against future incentive misalignment with other (larger) companies, and reducing their dependencies on platforms they have ~zero influence over.
Both companies are basically hedging against future incentive misalignment with other (larger) companies, and reducing their dependencies on platforms they have ~zero influence over.