Not upset in the slightest, I love Kagi search and want to see it continue. Merch is a solved problem and there was no reason to bring it in-house and make such a big announcement around it.
The difference they don't tell you about their internal accounting so you don't join the dots.
Start ups burn money on silly things like offices way too nice for what they need all the time. That's much closer to unethical than a company with no real duty to outsiders throwing away money.
Bradford Shellhammer (fab.com) wanting to speed run getting his United Global Services (invite only, elite tier, qualification criteria believed to be $50K annual base fare spend or 150K miles/year) so would fly back and forth between New York and Frankfurt every week, first class, while laying off employees left right and center.
But we are still allowed to criticize moves that we think are counter-productive or a waste.