>VPNs that don't participate in these BS schemes (or can't pay $100/signup, and wait for ROI 3 years later), have only 1 way to grow: word of mouth, based on the merits of the product. This is very difficult to do given the massive ad spend of the "big VPNs", and false advertising they engage in.

Highly agree with this statement.

That's why from my experience of using PIA, windscribe, keepsolid, Nord and mullvad.

I keep recommending mullvad VPN to collegues, acquittances and online friend (on a down side their IP reputation sucks badly, too much of captchas)