They will be acquired. Either by Google or MS.
Google could grow GCP by more deeply integrating HF into GCP, I think, while retaining as much of the HF brand and interface as possible.
Big friction point might be ethics, since HF is still seen as the "good guys" and where some folks who left Google over ethical concerns landed.
Google has poured hundreds of million into Anthropic due to Eric Schmidt, so they aren’t going to be a buyer.
Hosting binaries isn't really a stable business model.