Basically, Bellingcat is an "intelligence launderer" for the NATO-aligned IC. Agencies can feed them real or bogus intel and they will gladly publish it in return for $$$ and media clout. In some cases, they even fabricate propaganda as in the case of their collaborations with Navalny's team. I think they are closer to "useful idiots" rather than actual intelligence operatives, though.
What they are not is a largely independent OSINT group a la WikiLeaks. Bellingcat is firmly aligned with the most powerful government intelligence agencies on the planet and a darling to their media. They can be counted on to never undermine NATO's agenda (which Julian Assange is suffering immensely for doing), and are ostensibly compensated well for that.
[1] - https://thegrayzone.com/2021/03/24/author-bellingcat-opcw-wh...