Then I think the real question is why haven't any serious competitors emerged that can handle the essential services that Cloudflare provides?

Are there network effects like what happens with Microsoft in the business computing space? With Microsoft, I'm also aware of a great amount of anti-competitive behavior, and though I haven't seen that from Cloudflare personally and haven't heard accusations of it, I also haven't paid attention.

When I learned econ 101 in high school there was a concept of a "natural monopoly" like an electricity utility, a concept that was probably mostly post-hoc rationalization of the regulatory structures that were chosen a century ago, but it at least was a coherent narrative. I can't see any coherent narrative about Cloudflare's services being a natural monopoly. So I'm left wondering if they are just way better at what they do than anybody else, and perhaps the space isn't big enough to drive a competitor to enter it?

I hope somebody on HN has a much better explanation of this than I do.

I suspect a big part of it is that CF is running other businesses on the side, and offering basic features at a loss - they've artificially depressed the price of the service so it's hard to compete with them on only that service.

Everyone using the free service likes that, of course, but honestly I wish we'd make it illegal to do. It's heavily used as a way to steal small markets simply by being successful in a different large one.