It's this. Just doing basic analytics on SEC data for free provides a lot of value to the niche looking for it. A few players have realized that ingesting and normalizing the data is half the battle and charge for very small subsets of data, for example cybersecurity breaches.

Most of the data is unstructured, or worse Edgar xml, adding yet another barrier.

I suspect this case is mostly about sentiment analysis and summary using LLM. The claims about reacting before the market seem egregious.