> Cloud-first is privacy-second

This is not necessarily true. There are technical solutions to preserve privacy, end to end encryption being a very common one. That being said, Bambu strikes me as a very competent 3D printer designer, but not so much a competent software designer.

> rental model

I don't think this really applies to a hardware company selling 3D printers. You can always still use SFTP or SD cards to print. A big selling point for them is the ecosystem and being able to, for example, find a model on the app while you're on the road, send it to your printer, and have it be done by the time you get home. If this weren't cloud enabled, most of their customers wouldn't be able to get it to work because things like VPN or tailscale are well beyond them.