I think people hugely overestimate how profitable porn (at least "actual" porn) is. Aylo (the owner of Pornhub) makes peanuts compared to Youtube or Disney.

It’s standard practice for VC companies to enshittify after building a moat, relying on user lock-in. What’s remarkable is how quickly they’ve had to shift gears. And with this rapid pivot it’s questionable how large that moat really is.