I know. I understand the tech and the business decisions behind all of this. I understand the value of a CDN.
It's still a MitM. It's a centralised entity that sees a huge share of the global Internet's traffic, unencrypted. I doubt most people are aware of that.
Someone in another comment mentioned AWS is one as well, and they're right. AWS, GCP and Azure all have TLS-terminating gateways of some kind.
Take Cloudflare, AWS, GCP and Azure, all USA companies bound by the CLOUD act, and nearly all Internet traffic is immediately accessible by US authorities, unencrypted.
Makes the whole "think of the children" rhetoric being spun to pass anti-E2EE laws tame in comparison.