I used Splunk at a previous job and that’s one of my few/only complaints with it. Great tool but extremely expensive for what you get. Datadog is the same way as well as Pagerduty. There’s not enough competition in these spaces
That said, every other product in this space is crap. I'm not sure why though. This seems like a pretty good market for disruption. Maybe there is some hidden "problem" that I don't know about.
We moved vendors a few time and it wasn’t that painful.
Fact: I'm not going to hear my phone ping in the middle of the night. I'm much more likely to hear my phone ring.