Like Evernote, they keep adding more and more features and functionality to the core product. The original idea of it being a great notes application over a directory of markdown files (and attachments) was simple and brilliant.

I think they jumped the shark with the canvas feature. They had to add a non-markdown file to the directory system and signaled that they were okay moving on from the original idea. Obsidian has only gotten fatter since then.

Canvas and the other big changes are all interesting ideas, but they should be a separate product or products. IMHO, Obsidian should be recognized as complete and go into a maintenance mode where stability, security, and performance are the development goals.

I think they worry that if they slow down, their paying customers (of which I am one) will jump ship. For some of us, it's the opposite.