The company was finished in 2020 when they raised $85M in a Series E. The fall after that is inevitable. Even the $40M they took in 2015 is a questionable decision for the very reasons you detail. What did they need tens of millions in investments for?
Raising at too high a valuation is not a position you want to be in. Unless you’re planning to cash in sooner than the ship will start burning.
And further explanation on revenue https://www.youtube.com/watch?v=BzAdXyPYKQo
https://law.gmnz.xyz/2023/06/08/stackoverflow-keycap-reward....
The design of that keycap on the other hand is ridiculous.
However, it does make a nice little trophy/trinket. It's merit based, so getting one could become a goal for contributors. It's branded. It fits on a desk.
If they made it twice as big and called it a trophy, it'd probably make more sense. But then costs would be higher and it'd be more formal.
A company needing that many rounds deserves to die. Sorry to have known you SO.