I don't think SEO actually beat Google. Rather, Google simply capitulated or was captured. I distinctly remember a 2019 update where things really went bad.
Part of the situation is that a company that relies on ad revenue will get gradually feel the pull of the advertisers more and more.
I'd be more worried about someone nefarious buying Kagi if it got big. Someone else would be willing to pay a whole lot of money for those eyeballs.
SEO spam is correlated with ads. Google dominates web advertising. Google’s interests are aligned with SEO spammers, as long as it’s not so terrible you switch to another search engine or stop searching.
Part of the situation is that a company that relies on ad revenue will get gradually feel the pull of the advertisers more and more.
I'd be more worried about someone nefarious buying Kagi if it got big. Someone else would be willing to pay a whole lot of money for those eyeballs.