They don't look terrible now. But otherwise their recent license change and loss of technical founder have caused a bit of a shift in their user base towards open source forks. Which over time might substantially devalue their growth perspective. Any new projects would default to open source tools and not their proprietary thing.
This is also what I see when consulting on Elasticsearch and Opensearch projects. Almost all my recent clients start out with Opensearch these days because it is the open source choice and they are (mostly) in AWS just a few short years after they announced their license change. I'm pretty sure that's going to happen with things like Terraform and Opentofu as well. Anyone considering making similar moves, there's a growing amount of cases where this ends with a fork.
So, yes, this is why they are selling now. Before it turns into a fire sale. To a buyer it might be attractive to milk existing accounts for a while. A smart buyer might even reverse the license change in order to get some prospect of growth and re-absorb the community. But barring that, it's going to be the usual deal of either companies like Oracle or some hedge fund squeezing this thing dry until there's nothing left.