I run a dev agency, and I can spot one when I see one.
The trouble with dev agencies, "services companies", integration specialists and "forward deployed engineers" is that they scale lineraly with the number of people.
You can't 100x your revenue without at least 80x-ing your headcount.Oh, you might go for that once due to AI - but so can everyone else. After that, it's boring linear growth.
When I say "boring", I don't mean as "capitalism requires exponential growth" critique. I mean OpenAI valuation is not priced for that. They're priced for singularity. If the bulk of their revenue turns out to be bodyshop, that's...quite a different math.
The way to charge big with this kind of work is to do what big consultancies (MBB, IBM, etc) do: brand equity and (supposed) expertise in solving domain problems. OpenAI has ... interesting tech.
It's going to be interesting seeing if they can pull this off. If I were a betting man, my money would be on "no".