Almost all the talk I saw internally, from well before to well after the license change, about competitors "taking advantage" of our open-source versions was about TFC competitors like Spacelift, Scalr, etc. and Terraform OSS. The Vault competitor mentioned most often was Akeyless but for reasons less like the TFC competition. I saw IBM Cloud Secrets Manager mentioned maybe once or twice.

I'm sure IBM Cloud's Vault offering was part of the decision, but from where I was sitting, it didn't look like the reason or even the primary reason.