Consider, for example, that Akamai's revenues are sitting in a plateau over the last 5 years, while Cloudflare is moving up.
That's not how enterprise procurement works, which is what makes the big bucks for companies like Akamai and Splunk.
Cloudflare traditionally targeted mid-market and is in the process of building out an upper market/enterprise motion (I worked with the guy they hired to lead that in a previous role).
I can dig deeper into ICP, Market Segmentation, and Enterprise sales if interested. There is too much FUD on HN
Akamai has certainly done well over their lifetime, but their revenue for the last 5 years is very flat. That's not "FUD".
In this case the big customers are already using it. Splunk's value proposition for those customer is that they can handle with a massive volume without a hiccup. Small customers don't have the needs where Splunk is uniquely useful.