Having an almost a plug and play solution who does CDN + DDoS Protection + WAF/Rate Limiter + Bot Protection, for a few bucks, is very useful for startups and SMEs.
And compared to cloud different offerings, their quick setup and lower cost is hard to beat.
I was a strong proponent of Cloudflare for years, but looking back should have known better. I felt like others in the space would have tracked along how they went to market but that didn't play out as I would have suspected. I still use Cloudflare for DNS on domains that I use sparingly (mostly just for mail records), but no longer recommend anyone let Cloudflare terminate TLS unless they need it.
It's pretty amazing what you can get for a server host (bare metal) these days at the price point. I don't run any of those behind Cloudflare and haven't had any issues as of yet.
I often see threads complaining about Cloudflare, never see suggestions for better alternatives.
It's about convenience, not fear. Cloudflare is free for most companies until you need more advanced features.
I'll show myself out ...