Technology
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Sure it's getting cheaper, but is it getting cheaper faster than their need for it?
I've always expected their business model was unsustainable probably only able to manage through venture capital and growth.
There's hardly even any competition, their free product is substantial. Even fully funding a server is barely enough to cover a bare metal node.
This is just the introduction to cost savings. As they wade into market saturation, and still need to provide growth in numbers they'll need to pinch the free users into paying and pinch the paying users into paying enough to fully fund the service. Of course it won't stop there...
Edit: FFS dictation can't 'their' it's way out of a wet paper bag.