Also the numerous videos from linustechtips and many other reputable channels detailing in painful detail how scammy wish is.

Also my mother in law who bought a $12 fitness tracker that died after 2 months.

My opinion is that they've begun exhausting the pool of people they can afford to convert since the lifetime value per new member must be atrocious and they rely heavily on marketing to new users to keep the machine going. Everyone has seen a wish ad by now - at this point there are only 2 segments: those willing to give it a shot, and those who have decided not to. If those that were in the first camp don't keep buying because the experience is terrible then you are spending progressively more to try and convert that second camp as things go on. I don't think they have a future-secure business model.

edit: a quick review of their s1 shows they spend 100% of their profit on marketing, and that aside from coronavirus bump they have not grown either in margins or growth since 2018.