Not quite. Ultimately the lions-share of income of model producer's is coming from firms.

Firms are only going to pay out to model producers if they are getting more in excess of the cost of financing projects over time. If a firm does not see this happen, they reduce their spend on tokens. Simple.

Its a whole lot more nuanced than some shitty game theory.

“Firms are only making perfectly rational decisions that result in meaningful real outcomes” - not my experience.

Firms waste literally billions on some bullshit that gets them nothing.