They were already a sub-par registrar a decade ago, or more. You can find many namecheap horror stories without much trouble. I moved away from them years ago due to various shenanigans and never looked back.
A decade ago, they were the name that popped up any time you would ask for registrar recommendations. Problems were relatively few. The real problems started in September of 2025 when the private equity firm CVC Capital Partners purchased a majority stake. Big surprise, they quickly went to shit. Not sure what CVC's plan was to make a return on their $1.5 billion investment, but it can't be working out well for them.