Realistically, all VPNs are compromised. But for most people's threat model, that's irrelevant anyways.
Proton for instance revealed the location of a climate activist leading to his arrest[2], with the inspiring message from the CEO that "privacy protections can be suspended", silently on a per-user basis at any time.
Haven't seen anything like that for Mullvad, but it's probably the same. At least the company takes crypto. But these things are always just surface level obscurity at best.
[1]: https://en.m.wikipedia.org/wiki/Crypto_AG
[2]: https://techcrunch.com/2021/09/06/protonmail-logged-ip-addre...