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The SEC is not under obligation to sue offenders in a chronological order of market entry.

They may have been looking at this space for a while, and Coinbase’s size made them act to stop the proposed product where a smaller actor’s existing product wasn’t weighty enough to sue yet.

This is essentially "why did you pull me over for speeding officer? everyone else was speeding too!" and it's not an argument that works in court.

Coinbase competitors are largely operating in legally gray/black zone. Regulators do try to crack down and will likely to continue these efforts.

And in crypto SEC is usually late to enforce. They only last week cracked down on the Bitconnect ponzi, which collapsed in January 2018 (that's an eternity in crypto)

That might change. Maybe they're going after Coinbase first?

Making an argument based on SEC's action or inaction assumes you have a good model of how the SEC makes decisions. I sure don't. Do you?