Surely parent comment starting with "Venmo came first" indicates that they don't see PayPal and Venmo as competing in the same space.
PayPal owns Venmo, and Venmo's profits help sustain PayPal. PayPal's business practices have rightly come under heavy scrutiny, which means that, for quite a few people, there is a compelling "reason to switch" in spite of the fact that it "came first".
Ah, I wasn't aware PayPal owned Venmo.
The article notes that Venmo is currently operating at a loss.