Fair argument
That’s not to mention just how expensive it can be to create a fully-featured 3D application that can stand on its own (R&D, a fully paid core team, support, ect…).
It even applies to Blender when you notice the amount of funds coming from sources such as the Cloud service and the Development Fund (sure there’s volunteer contributions, but they only form a fraction of what goes in).
The only competition for Substance was Quixel, but since alegorythmic has integrated their format into every relevant game engine and nearly every DCC, there is not really a competition anymore.