I'm sympathetic to Logseq here. My guess is that many things are true but do not sum attractively to an audience right now.

The db probably is the cleaner place for Logseq's note storage, but invites comparison to Obsidian, whose fundamental unit of information is already a document, where Logseq's is more like a bulletpoint. Logseq being open source where Obsidian isn't could maybe blunt the edge of moving to a less-portable format, but a user can also understandably look at the status of two-way sync and see an unsexy "In-progress" and figure that's not good enough. Logseq also carries some baggage wrt instability, and the argument that the db is the pro-stability move unfortunately needs to be proven over time. Overall seems like a rough spot to be in.

I dunno. I like Logseq and wish them a good launch.