>given how tightly the systems remain integrated

Ebay is moving away from its tight integration with Paypal and has a deal with a new payment processor (Adyen) after it's current paypal deal ends in 2020. Between that and the fact that they're two public companies with separate freely traded ownership, it's hard for me to buy the argument that the spin off was "just for show".

https://www.ebayinc.com/stories/news/ebay-to-intermediate-pa...