Sorry, I'm old enough to have come from the era of "DIY" mass emailing which transitioned (rightfully so) to using providers like Constant Contact/MailChimp. I've seen first hand the drawbacks of emailing thousands of people via your own SMTP server. Blacklists, legal threats, deliverability issues, proper unsubscribe, formatting etc. And this was early 00's when much of the legal framework around email marketing was either non-existent or weakly enforced.
Maybe I'm too old? Has email come around to the point where someone can host their own email and send out thousands of emails without having to deal with a mountain of headaches again? That would be sweet, maybe I can go back to telling clients it's okay to paste a massive list of email into their Outlook's BCC field? It would certainly save them some money. I still to this day hear from clients who send "small" mass emails wondering why their friends at AOL, or <insert your ISP here> didn't get the email.
Sorry but this is based on my direct, first hand experience with hundreds of small businesses doing this exact thing. I don't base my business model off of some random blog post, I base on years of experience and the lessons learned from getting burned.