I personally can't stand it, and actively work to excise it from front-end applications though _because_ it's difficult to work with it as a 'part' of your world. Like a lot of dev-experiential products/business models, their moat only exists if they can keep you "in" vercel, the moment they become just nodejs + lambda to a customer, then their value-add ceases; So they make it difficult to "grow up" out of vercel -- for many shops that's fine, it will be all they need from it, so a premium for a polished nodejs+lambda+deployment+cdn experience is worth it.
But if you're a micro-arch with backend services running on your own cloud, vercel will always be the wart in your infrastructure making everything from network policy to authentication and monitoring or tracing more difficult.