Yeah: I listen to a lot of very obscure 90s emo records, which were all fly-by-night bands on tiny vinyl-only labels (and other similar corners of the music industry). This stuff is not on Spotify. I did not expect it to be on Spotify, and thus was not disappointed.

For contemporary stuff of that level of nicheness, Bandcamp is a much better source. And selling one $5 download/print-on-demand CD is probably more lucrative than all the Spotify streams most bandcamp bands could ever hope to get put together, so it's hardly surprising that they go this way. Spotify seems a more sensible partnership for labels with significant back catalogue than individual artists. (Which makes it peculiar that I can't browse by label, but there you go.)

I like Spotify for classical music and jazz, but my tastes are more 'mainstream' in those categories. It also has a surprisingly good collection of house/techno/etc singles, but I kind of need the files for those for DJing purposes and such.