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Why aren't they aiming for a reasonably sized valuation then?

In some businesses, your customer is judging you the most by what they see.

Since we know jagged intelligence is a thing, how useful of an indicator is the pelican test, regardless of if labs are optimizing for it or not?

not every transaction is risky enough to need chargebacks. it should be unbundled.

These businesses would simply stop existing if no purchaser came forward. Many first-world economies face a demographic cliff where boomers are retiring and there is nobody in the next generation who can afford to take over the local dentist office, the HVAC company, etc.

The jQuery spaghetti of the past seems worse than the React spaghetti of today. Too many unpredictable side effects. Changing one thing breaks something else. On business-scale timeframes, you can't clean it up.

React enjoyed its spot in the limelight. Then, unskilled people wrote bad React and the framework, not rank-and-file developers, took the credibility hit. It is more difficult, I suppose, to make a user-perceived slow webpage in jQuery.

There is no good technical solution for rendering on the server and upgrading to an interactive experience on the client.