The behavior is "perfectly rational" only in the economics sense of that term. On a human scale, we often call it things like "sociopathic".

I will also note that companies don't have perspectives either. Which also isn't pedantry, because in analyses where we seek change to a system, we have to understand exactly who is involved and what their motivations are. So in this case it's worth being very specific that the people involved who think this is "rational" are very modest in number. The VCs, probably the rest of the board. To some extent the CEO, but as a founder it's possible he's conflicted enough that he might depart from his short-term economic incentives to protect the think he's spent a major part of his life working on. Maybe some of the execs if they came in to prep in for an IPO.

So now we're not talking about the whole company, which is 2,000 employees, thousands of volunteers, and millions of content creators. We're talking about maybe a dozen greedy people. That's a much more tractable number.