Between 2014 and 2018, Namecheap was a solid provider, and my experiences back then were consistently positive.

Right, but they were too cheap and too good, and people that are aggressively fishing for optimal prices went with them, even if the margins don't work out. Then at some point they sell the business to PE who might just have an idea to monetize the millions of clients that signed up for what is effectively a reseller whose core business proposition is having the lowest margins in the market.

I was taught not to count the margin of your vendors, but you at least need to make sure they have healthy margins so they are happy with your business and not constantly hungry and looking for other sources of income, even if it means betraying you.