Real Engineering did a video titled "How Nebula Works" [1]. It details the technical problems. But seemingly deliberately dodges the legal and financial questions I clicked on that video to answer.

I love Nebula. But it's obvious that there is a shady component to their structure that prevents transparency that senior leadership knows about and knowingly obfuscates. I'm not arguing for a creator-owned co-operative; that would render the equity worthless, and they want (and should) retain the option to sell. But Nebula et al made a big fuss about refusing VC because of the incentives that creates while legally creating a two-tier structure that mimics those same incentives.

[1] https://nebula.tv/videos/realengineering-how-nebula-works