What about this concerns you?
- 3.2: "We may change, suspend, or discontinue any of our Services." [...] "We make no representation, warranty or condition regarding the availability or operability of the Services at any time." This means you effectively have no ownership of the subdomain and no control over the availability of the services. Your website, email address, Mastodon instance, etc., may become permanently nonfunctional at any moment, without any recourse.
This might be a super interesting case study, because if I had to bet, it's that 80%+ of the hate on this thread comes from the DNS feature omg.lol added --- a feature not common among other content hosting services, and that probably doesn't need to be there at all for omg.lol's market. They made a feature for nerds, not realizing that you have to be super careful about nerds or they'll bite your head off for trying to appeal to them the wrong way. Third-level domains! The gall!