The worst part is they did create a viable business model. They were profitable when they had their IPO. They then pretended that the IPO was just another Series X investment, blew all the money, and went negative on their cashflow.

Hashicorps problem isn't that their business model doesn't work, it's that they are really bad at their jobs. They ignore customer feedback, laid off support people, and then jacked their prices up. It's a self inflicted wound, and instead of trying to fix it they just keep making it worse.