I don't care who it is hosting it, I don't want my password manager connected to the internet. There is cognitive dissonance when this community that distrusts IoT, call-home LLMs, URL bars that send data to Google and 5G-connected vehicles is willing to connect their most critical private data to a single, profit-seeking source-of-failure.
The password generation and encryption is an easy, solved problem that you can get for free! For any of these services, you're only paying for the UI, backup and internet connectivity. Companies have failed at this before and will fail again.